Bitcoin Is Stagnating Due To Traders' Disinterest

Aug 04, 2023 at 11:58 // Price
Coin Idol
BTC/USD has been stagnant

Bitcoin (BTC) price is still stable above $29,000, although it is falling below the 50-day line SMA.

Bitcoin price long term forecast: bearish

Bulls bought dips when the Bitcoin price fell to a low of $28,637 on August 1. The crypto price retested the psychological price level of $30,000 after its recovery. After that, Bitcoin fell significantly above the existing support.

The $30,000 upside barrier inhibits the upward movement. Similarly, the support at $29,000 prevented the downtrend from deteriorating. Once these hurdles are overcome, Bitcoin will start a new trend. In the meantime, the price movement was controlled by the Doji candlestick pattern, a small group of confusing candles.

Bitcoin indicator display

Since the 14th quarter, Bitcoin has been trading in the bearish trend zone at a Relative Strength Index value of 43. The price bars are currently below the moving average line but above the $29,000 support. The BTC price has fallen below the value of 40 of the Daily Stochastic. The downward trend has slowed down.

BTCUSD(Daily Chart) – AUG. 4.23.jpg

Technical Indicators:

Key resistance levels – $30,000 and $35,000

Key support levels – $20,000 and $15,000

What is the next direction for BTC/USD?

BTC/USD has been stagnant since the price collapse on July 24. Doji candles dominate the BTC price as it consolidates above the $29,000 support. The candlesticks symbolize the disinterest of buyers and sellers in the direction of the market.

BTCUSD(4 Hour Chart) – AUG.4.23.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Readers should do their research before investing in funds.

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