Rally

bullish

Bitcoin

Daily

<p>Bitcoin’s price has failed to recover meaningfully after its drop from the $68K level. Yet, investors might still have hope, as several support levels are available.</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 been consolidating below the 200-day moving average, located around the $63K mark. The market has also retested the moving average after breaking below it a couple of weeks ago but has been rejected to the downside.</p>
<p>Since then, the price has failed to hold above the $60K level and is currently approaching the $57K support level. If this level breaks, a drop toward the $52K level would be imminent. On the other hand, as long as the market is trading below the 200-day moving average, no sustainable rally could be expected.</p>
<figure id="attachment_354550" aria-describedby="caption-attachment-354550" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-Daily-Aug-19-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a>
 <figcaption id="caption-attachment-354550" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h3 id="b-the-4-hour-chart-b"><b>The 4-Hour Chart</b></h3>
<p>The 4-hour chart displays a much clearer picture of the recent price action. Since the market’s rebound from the $50K area, the price has been consolidating between the $60K and $57K levels.</p>
<p>Meanwhile, the bullish momentum is seemingly fading as the RSI has dropped below the 50% level once again. In this case, a breakdown of the $57K support zone and a decline toward the $52K area could be probable</p>
<figure id="attachment_354549" aria-describedby="caption-attachment-354549" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-4H-Aug-19-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-354549 size-full" src="https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-4H-Aug-19-2024-scaled.jpg" alt="btc_trading_chart_1908241" width="2560" height="1309" srcset="https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-4H-Aug-19-2024-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-4H-Aug-19-2024-300x153.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-4H-Aug-19-2024-1024x524.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-4H-Aug-19-2024-768x393.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-4H-Aug-19-2024-1536x786.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-4H-Aug-19-2024-2048x1047.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSDT-4H-Aug-19-2024-50x26.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-354549" 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-coinbase-premium-gap-b"><b>Bitcoin Coinbase Premium Gap</b></h3>
<p>While Bitcoin’s price has been consolidating long-term, it could be insightful to search for the underlying reasons for this halt in bullish movement. This chart presents the Coinbase Premium Gap, which measures the difference between Binance’s BTC/USDT pair and Coinbase’s BTC/USDT pair. This metric is typically used to analyze the behavior of US investors, as they primarily use Coinbase.</p>
<p>As the chart suggests, the Coinbase Premium Gap has been negative on aggregate over the past few months, as American investors have seemingly been putting selling pressure on the market.</p>
<p>This behavior is also witnessed in the US stock markets as Americans have been bearish on risk assets. As a result, a potential recovery in the Coinbase Premium Gap can be a signal for the market to continue its bullish move. Yet, it might still take more time.</p>
<figure id="attachment_354548" aria-describedby="caption-attachment-354548" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Coinbase-Premium-Gap-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-354548 size-full" src="https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Coinbase-Premium-Gap-scaled.jpg" alt="bitcoin_coinbase_premium_gap_chart_1908241" width="2560" height="1440" srcset="https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Coinbase-Premium-Gap-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Coinbase-Premium-Gap-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Coinbase-Premium-Gap-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Coinbase-Premium-Gap-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Coinbase-Premium-Gap-1536x864.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Coinbase-Premium-Gap-2048x1152.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Coinbase-Premium-Gap-50x28.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-354548" class="wp-caption-text">
  Source: CryptoQuant
 </figcaption>
</figure>
<p>The post <a href="https://cryptopotato.com/massive-rally-for-bitcoin-only-possible-if-this-level-falls-btc-price-analysis/" rel="noopener noreferrer nofollow">Massive Rally for Bitcoin Only Possible if This Level Falls: BTC Price Analysis</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

Massive Rally for Bitcoin Only Possible if This Level Falls: BTC Price Analysis

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