spot_imgspot_imgspot_img

Can Bitcoin Rise to $34,000? August 9 BTC Analysis

  • Bitcoin continued its rise from a clear support level and approached the $30,400 resistance level before experiencing a decline.
  • If the price continues to move steadily above $29,500, the upward trend may continue and target the $31,000 – $31,300 resistance range.
  • If Bitcoin manages to make a strong upward move above the $32,000 level, there is a possibility of expansion towards the $33,000 levels. However, a decline may occur below $29,500.

Bitcoin’s technical analysis reveals a table highlighting the prominent support and resistance levels through examining recent price movements. This analysis provides a perspective on the future by discussing critical levels and potential movements.

Medium-Term BTC Analysis

Daily BTC/USD Price Chart
Daily BTC/USD Price Chart

Bitcoin’s daily technical analysis confirms our previous evaluations. We observe that the price has initiated an upward movement by effectively utilizing the support range and has gained over 5%. Currently, it is noteworthy that the BTC price is moving above the $29,500 resistance and at the $29,785 levels.

If the Bitcoin price continues to surpass the critical $29,500 resistance with daily candlestick closures, it has the potential to prioritize its upward movement towards the $31,000 levels. The $31,000 level stands out as the nearest resistance. As long as the BTC price remains above $29,500, it may continue its upward movement towards the $32,300 target.

If the Bitcoin price achieves daily candlestick closures above the $32,000 level, it may desire to expand its upward movement towards the $33,000 levels. However, conversely, if the BTC price experiences daily closures below $29,500, it may indicate a downward movement towards the support range between $28,600 and $28,200.

Short-Term BTC Analysis

4-Hour BTC/USD Price Chart
4-Hour BTC/USD Price Chart

When examining Bitcoin’s 4-hour technical analysis, it can be seen that it approached the $30,400 resistance level after initiating an upward movement from a prominent support level, but experienced a decline from this level. After reaching levels of $30,244, the price retraced to $29,770 levels.

If the Bitcoin price continues to maintain 4-hour candlestick closures above the $29,500 level, it may exhibit an upward trend towards the $30,400 levels again. If it moves steadily above the $30,400 level with 4-hour candlestick closures, the next upward target can be determined as the $31,000 – $31,300 resistance range.

If the Bitcoin price achieves 4-hour candlestick closures above the $31,300 level, the next target will be the $32,000 region. However, if the BTC price fails to surpass the $31,300 level, it may attempt a downward movement towards the $29,500 support.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news

spot_imgspot_imgspot_imgspot_img

Latest News

EU Central Bank Asserts Bitcoin BTC’s Value Remains Zero Despite Rising Market Acceptance

Despite Bitcoin's surge past $64,000 and ETF milestones in the U.S., the European Central Bank steadfastly views the leading digital asset's value as non-existent, highlighting potential economic and environmental risks.

BlackRock’s Bitcoin ETF IBIT Set to Eclipse Gold with $10 Billion Milestone, Reshaping Crypto ETF Landscape

Amid Bitcoin's ascent past $60,000, BlackRock's IBIT ETF is poised to outpace traditional gold investments, signaling a significant shift in investor preferences towards digital currencies.

Coinbase Experiences Unprecedented Traffic Surge Amid Bitcoin BTC’s Rally to $64K

In an extraordinary display of digital currency enthusiasm, Coinbase's platform traffic overwhelmingly surpassed expectations, underscoring the growing mainstream acceptance of Bitcoin and other cryptocurrencies.

Jeff Bezos Sparks Bitcoin Investment Rumors: A New High-Profile Player?

The cryptocurrency community is abuzz with speculation that Amazon founder Jeff Bezos could be making a significant move into Bitcoin, following a series of financial maneuvers and a high-profile meeting with Michael Saylor.

Solana Trader’s Astounding 4,530x Return on WIF Ignites Crypto Community Buzz

A Solana trader's incredible return on investment with dogwifhat (WIF) captivates the crypto world, spotlighting the high-reward potential of meme coins within the Solana ecosystem.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Breaks $3K as Rally Continues: What’s Next for ETH?

This article dives into Ethereum's recent surge past $3,000, analyzing the technical indicators and market dynamics driving its ascent and future prospects.

Will Bitcoin Rise To $50,000? Current BTC Analysis

Bitcoin is trading at $48,400 and may rise to $50,777 if it closes above $48,200. However, caution is advised in the range of $50,777 - $52,000. Corrections are common in the crypto market, so careful consideration is necessary before spot investments.

Where is the Solana Rise Target? Current SOL Analysis!

Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 - $117.20 resistance range on the 6-hour timeframe.

Medium Term Ethereum Technical Analysis! What Awaits Its Investors?

When examining the medium-term technical chart of Ethereum, strong buying pressure is observed, pushing the price up from the $2139 support to the $2350 region. However, for the price to sustain its upward movement, it needs to surpass the $2407 resistance.

Can Bitcoin Fall To $35,000 Levels? Current BTC Analysis

When examining Bitcoin's 5-day technical chart, the analysis from January 18 is ongoing, indicating a continued downward movement from the $48,189 level. Bitcoin needs to close 5-day candles above the $44,200 resistance to gain momentum for an upward trend. 
Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
spot_imgspot_imgspot_imgspot_img

EU Central Bank Asserts Bitcoin BTC’s Value Remains Zero Despite Rising Market Acceptance

Despite Bitcoin's surge past $64,000 and ETF milestones in the U.S., the European Central Bank steadfastly views the leading digital asset's value as non-existent, highlighting potential economic and environmental risks.

BlackRock’s Bitcoin ETF IBIT Set to Eclipse Gold with $10 Billion Milestone, Reshaping Crypto ETF Landscape

Amid Bitcoin's ascent past $60,000, BlackRock's IBIT ETF is poised to outpace traditional gold investments, signaling a significant shift in investor preferences towards digital currencies.

Coinbase Experiences Unprecedented Traffic Surge Amid Bitcoin BTC’s Rally to $64K

In an extraordinary display of digital currency enthusiasm, Coinbase's platform traffic overwhelmingly surpassed expectations, underscoring the growing mainstream acceptance of Bitcoin and other cryptocurrencies.