The OG crypto’s upswing could also be operating out of steam round key technical resistance ranges!

Suppose BTC/USD is due for a bearish flip?

We’re taking our cues from the day by day chart:

Bitcoin (BTC/USD) Day by day Chart by TradingView

August has been a fairly good month for bitcoin up to now, as BTC/USD jumped from the $50,000 mark to commerce nearer to the $60,000 ranges.

In fact, it might have helped BTC/USD that an anti-dollar sentiment took over the markets in anticipation of a Fed charge reduce in September.

Do not forget that directional biases and volatility circumstances in market value are usually pushed by fundamentals. Should you haven’t but achieved your homework on bitcoin and the U.S. greenback, then it’s time to take a look at the financial calendar and keep up to date on day by day basic information!

How excessive can BTC/USD fly with its momentum?

Eh. In all probability not a lot farther.

For one factor, rising U.S. inventory costs might weigh on bitcoin demand and restrict BTC/USD’s features.

BTC/USD can be having bother busting via the $60,000 – $62,000 ranges, which is correct round the place the day by day chart’s 100 and 200 SMAs and Pivot Level ranges are. Extra importantly, bitcoin’s present ranges aren’t removed from a descending channel resistance that’s been round since March.

Look ahead to bearish candlesticks and sustained buying and selling beneath $62,000, which might attract sellers and drag BTC/USD to the $57,000 earlier help or the mid-channel space close to the S1 ($55,436) Pivot Level line.

But when BTC/USD manages to remain above $60,000 and regain contemporary bullish momentum, then the pair might retest the $64,000 resistance. Bitcoin bulls might make a play for the $68,000 earlier highs and encourage a bullish breakout that will take BTC/USD to the $70,000 mark.

What do you assume? Can BTC/USD maintain its bullish momentum this month?