The Bitcoin (BTC) price has increased since August 1
The BTC price has fallen since reaching a high of $30,407 on July 15. Despite the drop, it held above the $28,800 support area, indicating buying pressure. On August 7, the price broke out of a descending parallel channel and moved above $30,000. However, BTC still trades below the $30,000 resistance level, which needs to be reclaimed to confirm the end of the correction that started on July 15.
Key Points:
- The BTC price fell after reaching a high on July 15, but held above the $28,800 support area multiple times.
- The price broke out of a descending parallel channel on August 7 and moved above $30,000 the next day.
- BTC still trades below the $30,000 resistance level, which needs to be reclaimed to confirm the end of the correction.
- If the $30,000 level is reclaimed, the next resistance will be at $30,560.
- A rejection at the 0.618 Fib retracement resistance level could lead to a drop in the $28,800 support area.
Hot Take:
The BTC price has shown some bullish signs with the breakout above $30,000. However, reclaiming and holding above this level is crucial for confirming the end of the correction. The next resistance at $30,560 will be an important level to watch. A rejection at this level could lead to a decrease in the $28,800 support area.
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