Bitcoin (BTCUSD) Price Recovery Targets the $73,709.99 Supply Mark

Bitcoin (BTCUSD) Price Forecast: August 5

It is time to grow again for the BTCUSD pair as price recovery targets the $73,709.99 supply mark. The crypto rebounded today after dropping to a low of $59,819.19 during the last session. The crypto has been making a remarkable stride in the past few hours, demonstrating the investors’ interest in the coin. However, the coin might face more upsides if the bulls increase their activities in the market and the $73,709.99 high level might be the target, potentially leading the crypto market to the next level.

Key Levels:
Resistance Levels: $59000.00 $60000.00, $61000.00
Support Levels: $48000.00, $47000.00, $46000.00

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

The BTCUSD price recovery targets the $73,709.99 supply mark as it resumes another bullish rally in its higher time frame. This is clear as we can see the prices climbing the resistance ladder below the moving average lines, indicating a bearish trend.

The persistent bullish pressure to a $60,674.93 supply level in the last session has enhanced the coin prices to remain below the resistance level in its recent high.

At the time of writing today, the BTCUSD price recovery targets the previous high level at $73,709.99 as the bulls made a pullback to a $61,082.30 high level below the EMA-50 as the daily session begins, indicating more commitment from the buy traders.

Further, an increase in the buying pressure might lead the coin price recovery to target the previous high of $73,709.99 high mark soon, targeting the upper boundary of the range.

Similarly, the price indicator also points up at around level 7% at the oversold region, suggesting the coin is in an uptrend. Hence, the $73,709.99 supply mark might be reached soon, as the price recovery targets the upper resistance level in its long-term perspective.

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

The coin market price recovery targets the $73,709.99 supply level as the bulls begin the positive moves in the medium-term outlook. The coin price is below the moving average, confirming its bearishness.

The sustained bearish pressure to a $60,204.24 support level in the previous session has dropped the coin price below the supply levels in its recent high.

Today, the bears are losing momentum as the price recovery targets the $73,709.99 supply level, enabling the bulls to drive the Bitcoin price to the $60,900.00 high mark below the EMA-50, as the 4-hourly chart opens, indicating a growing interest among traders.

Thus, a further increase in the buying pressure might lead the BTCUSD price to retest the previous high of $69,868.93 mark, obtaining a higher footing to rise higher as the price recovery targets the upper high level of $73,709.99.

Additionally, the daily stochastic remains in an upward direction, indicating the bullish momentum may continue, as a result, the market participants may witness a new recovery rally and this may likely reach the $73,000 high mark soon as the crypto price recovery targets the $73,709.99remains strong above the resistance levels in its medium-term time frame.

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