Bitcoin eyes $36K support as chart hints at potential golden cross within weeks

Bitcoin (BTC) returned to hit native lows of $37,500 on Aug. 4 in a contemporary installment of its comedown from above $42,000.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

‘To date so good’ as BTC cools

Information from Cointelegraph Markets Professional and TradingView confirmed BTC/USD repeatedly difficult then briefly breaking via the $37,500 mark Wednesday.

Because the market digested feedback from Gary Gensler, the brand new Chair of United States regulator, the Securities and Change Fee (SEC), BTC worth motion continued to retrace progress from the earlier week.

As Cointelegraph reported, merchants have been keenly eyeing $36,000 as vital assist, a showdown with which BTC/USD has but to start.

“To date so good for Bitcoin,” Cointelegraph contributor Michael van de Poppe summarized on the day.

BTC/USD purchase and promote ranges (Binance) as of Aug. 4. Supply: Materials Indicators/Twitter

A have a look at orderbook data from main change Binance highlighted the veracity of assist on the goal degree, with sellers nonetheless lined up at $41,000 and above.

On the time of writing, BTC/USD circled $37,650 after a modest reactionary bounce greater.

From dying to gold inside weeks

Fellow dealer Rekt Capital additionally remained optimistic, forecasting an increasingly-anticipated “golden cross” occasion on BTC/USD as quickly as the top of the month.

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A golden cross, the counterpart to the “dying cross,” concerned the rising 50-day shifting common worth crossing above the 200-day shifting common. The most recent worth improve, whereas partially reversed, has nonetheless managed to push such a situation ahead after the dying cross in June.

“BTC has loved such a restoration that the 2 Demise Cross EMAs have started to flick upwards,” he noted Tuesday.

“If $BTC continues to carry these highs or rally greater then a greatest case situation Golden Cross might happen in late August.”

BTC/USD 1-day candle chart (Binance) with crosses. Supply: Rekt Capital/ Twitter

In the meantime, by way of market sentiment, curiosity in greater worth ranges was agency all through the week regardless of the retracement. Robust on-chain information mixed with conspicuous, albeit unknown, shopping for exercise to buoy bulls additional.