bullish

Bitcoin

Daily

<p>Bitcoin’s price is consolidating in a tight range as market participants are uncertain about the future direction of the price.</p>
<h2 id="b-technical-analysis-b"><b>Technical Analysis</b></h2>
<p>By <a href="https://tradingrage.com/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">TradingRage</a></p>
<h3 id="b-the-daily-chart-b"><b>The Daily Chart</b></h3>
<p>On the daily chart, the price has recently rebounded from the $50K area, following the significant drop below the 200-day moving average. Currently, the market is consolidating below the moving average, which is located around the $63K mark, failing to climb back above.</p>
<p>Meanwhile, the $56K support level currently holds the market, preventing the price from dropping further. Therefore, a breakout from either this level or the 200-day moving average could determine the short-term price action of BTC and the crypto market.</p>
<figure id="attachment_354225" aria-describedby="caption-attachment-354225" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-Daily-Aug-17-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a>
 <figcaption id="caption-attachment-354225" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h3 id="b-the-4-hour-chart-b"><b>The 4-Hour Chart</b></h3>
<p>Looking at the 4-hour timeframe, the price has created a bullish flag pattern following the recent recovery from the $50K area.</p>
<p>Considering the price action inside the flag pattern, it could only be a matter of time before the market breaks it to the upside, which could result in a rally toward the $64K resistance zone in the short term.</p>
<p>On the other hand, note that things could get ugly quickly if the flag gets broken to the downside.</p>
<figure id="attachment_354226" aria-describedby="caption-attachment-354226" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-4H-Aug-17-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-354226 size-full" src="https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-4H-Aug-17-2024-scaled.jpg" alt="btc_price_chart_1708242" width="2560" height="1309" srcset="https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-4H-Aug-17-2024-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-4H-Aug-17-2024-300x153.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-4H-Aug-17-2024-1024x524.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-4H-Aug-17-2024-768x393.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-4H-Aug-17-2024-1536x786.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-4H-Aug-17-2024-2048x1047.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-4H-Aug-17-2024-50x26.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-354226" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h2 id="b-on-chain-analysis-b"><b>On-Chain Analysis</b></h2>
<p>By <a href="https://tradingrage.com/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">TradingRage</a></p>
<h3 id="b-bitcoin-short-term-holders-sopr-b"><b>Bitcoin Short-Term Holders SOPR</b></h3>
<p>While Bitcoin’s price action has been quite choppy over the last few months, analyzing what the investors are going through can be insightful.</p>
<p>This chart presents the Bitcoin short-term holder SOPR, which measures the aggregate ratio of profits (or losses) realized by short-term investors. Values above one show aggregate profit realization, and values below one indicate losses being realized on aggregate.</p>
<p>As the chart suggests, during the last few months of consolidation, the profit margins for short-term holders have been declining, and they have even been realizing losses in the previous few weeks. While unfortunate, this shakeout could be a typical sign of a price bottom in the middle of a long-term bull run. Yet, this is not guaranteed, as a wide range of factors can affect how the price will behave in the near future.</p>
<figure id="attachment_354224" aria-describedby="caption-attachment-354224" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Short-Term-Holder-SOPR-1-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-354224 size-full" src="https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Short-Term-Holder-SOPR-1-scaled.jpg" alt="btc_sopr_chart_1708241" width="2560" height="1440" srcset="https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Short-Term-Holder-SOPR-1-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Short-Term-Holder-SOPR-1-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Short-Term-Holder-SOPR-1-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Short-Term-Holder-SOPR-1-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Short-Term-Holder-SOPR-1-1536x864.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Short-Term-Holder-SOPR-1-2048x1152.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Short-Term-Holder-SOPR-1-50x28.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-354224" class="wp-caption-text">
  Source: CryptoQuant
 </figcaption>
</figure>
<p>The post <a href="https://cryptopotato.com/btc-price-analysis-2-critical-levels-to-watch-for-bitcoin-in-the-short-term/" rel="noopener noreferrer nofollow">BTC Price Analysis: 2 Critical Levels to Watch for Bitcoin in the Short Term</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

BTC Price Analysis: 2 Critical Levels to Watch for Bitcoin in the Short Term

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