Bitcoin Technical Analysis Report | 26th August 2024
Bitcoin (BTC) has surged over 9% this week, signalling that bulls are making a strong attempt to drive the price towards the resistance zone between $55,724 and $73,777. On August 23, U.S.-based spot BTC exchange-traded funds (ETFs) saw substantial inflows of $252 million, highlighting robust investor interest. This latest rally in BTC followed remarks by the U.S. Federal Reserve Chair Jerome Powell at the annual Jackson Hole symposium, where he indicated that interest rates are expected to decrease. The 20-day exponential moving average (EMA) has begun to trend upward, while the relative strength index (RSI) has entered positive territory, suggesting that bullish momentum is gaining traction.
At the time of writing, BTC was trading at $64,088.
BTC continued to struggle to sustain above the $70K mark, as the prices corrected almost by 25% and made a low of $49,000. However, the asset didnt give a daily closing below the key support of $52,500 and the lower longer shadow around $50K indicated buying, which rallied up to $62,745. Post this move, BTC was trading sideways in a range from $57,500 to $62,000 with low volumes. The asset has given a breakout above the range and made the weekly high of $65,000. BTC has a strong resistance at $66,500 and to further rally, it needs to close and sustain above this level.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $56,000 | $62,000 | BTC | $66,500 | $73,777 |
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