Bitcoin (BTCUSD) Price May Break Up the $70,000 Supply Mark Soon

Bitcoin (BTCUSD) Price Forecast: August 23

The Bitcoin market is going up and may break up the $70,000 supply mark soon if the buying pressure persists. The crypto is showing positive signs above the $59,525.68 supply value. If the coin holders could prove stronger and the price shows sustainability above the $66,837.40 previous high value, its upside moves could extend further to reach a $70,000 high level, resulting in an opportunity to invest for the interested traders.

Key Levels:
Resistance Levels: $60,00.00, $61,000.00, $62,000.00
Support Levels: $53,000.00, $52,000.00, $51,000.00

BTC (USD) Long-term Trend: Bullish (Daily Chart)

Bitcoin turns positive today. The price remains bullish and may break up the $70,000 resistance level as it journeys north on the higher time frames. The price is trending above the EMA-50, suggesting a bullish trend. The price has rebounded after completing the lows.

Pressure from the bulls at the $59,631.89 high value in the past few days has sustained its upward stability and may break up the $70,000 resistance in its recent high.

The market price of BTCUSD is currently trading at the resistance level of $61,845.00 above the EMA-50, assuring or confirming the bull’s gradual return to the market, gaining momentum to a higher rally.

The longer the price stays above the mentioned level, the more pressure builds up to reach a significant level which may break up at the upper channel.

Additionally, the price of Bitcoin could go higher and break up its previous high at the $66,837.40 level, if the bulls can put more tension on the activities in the market, the bulls might target hitting the $70,000 resistance value soon, boosting the recovery pattern in its higher time frame.

BTC (USD) Medium-term Trend: Bullish (4H Chart)

BTCUSD is experiencing increased buying pressure and may break up its previous high level as it displays a bullish scenario in its medium-term outlook.

Activities from the bulls at the $59,608.05 resistance value during the last session have made the coin market sustain the current bullish trend and may break up its previous height soon.

At the press time, the impulse moves from the buy traders pushed the price of Bitcoin to the $61,847.99 supply mark above the EMA-50 as the 4-hourly chart opens, suggesting an improved bullish sentiment.

In case buyers respond to the shift in trend, the BTCUSD price may break up the $69,794.85 previous high, resulting in a good entry point for coin buyers.

However, further upside is likely as the price indicator points up, implying that the coin price will continue in an uptrend and this might break up the $70,000 supply mark soon in its medium-term time frame.

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