Bitcoin (BTCUSD) Price Forecast: August 7
Today, the BTCUSD price is back in green again as it resumes another bull cycle after a brief slide to a low of $50,640.52 value. The crypto can jump further; even more in the future to its previous swing high at the $69,868.93 level if the price can close above the $68,308.69 resistance value. The $72,000.00 upper resistance level might be the target.
Key Levels:
Resistance Levels: $61000.00, $62000.00, $63000.00
Support Levels: $50000.00, $49000.00, $48000.00
BTC (USD) Long-term Trend: Bearish (4H Chart)
The BTCUSD price resumes another bull cycle, as shown by the daily chart below. The crypto exhibits a bearish trend as the coin price trades below the moving average. Meanwhile, the coin is beginning to turn bullish as it resumes another bull cycle.
The cryptocurrency price has been below the supply trend levels since its most recent low due to the persistent bearish pressure over the last few days.
The coin is recovering from the recent correction as it resumes another bullish cycle. The Bitcoin pair has completed its bearish correction and is set for an upswing.
Today, the market price of BTCUSD at the $55,149.48 high level below the moving averages as the 4-hourly chart opens, implies that the bulls are set to resume another bull cycle and from the way it is at the moment, it will keep growing.
However, if the buying momentum persists, the coin price may surge above the $69,868.93 peak level and set the potential for further growth.
Notably, the market is pointing up on the daily stochastic indicating an uptrend. It means the long traders may continue with the bullish sentiment and the $72,000.00 upper resistance level might be the target in the days to come in its higher time frame.
BTC (USD) Short-term Trend: Bearish (1H Chart)
The momentum on the short-term outlook is bearish. However, the Bitcoin market is back in green as it resumes another bull cycle. 
The currency pair is trading below the moving averages, an indication of a bearish market sentiment in its lower time frame. Thus, the BTCUSD is correcting to resume its bullishness soon, alongside broader market gains.
Despite the interactions from the short traders, the bulls resumed another bull cycle and caused a rise to a $55,149.48 high level below the EMA-50 shortly after the commencement of the 1-hourly chart opens today. Thus, buyers must add more pressure to their activities to move the market beyond the current price level.
Hence, the stochastic oscillator pointing up means that the price action of Bitcoin is in an uptrend and will continue rising.
Therefore, the $65,492.34 previous supply level might be retested soon as the bulls resume the bull cycle in its lower time frame.
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