{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/bitcoin-btcusd-price-resumes-another-bull-race\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/bitcoin-btcusd-price-resumes-another-bull-race\/","headline":"Bitcoin (BTCUSD) Price Resumes Another Bull Race","name":"Bitcoin (BTCUSD) Price Resumes Another Bull Race","description":"Bitcoin (BTCUSD) Price Forecast: August 17 Amidst the persistent drop in the crypto market, the Bitcoin price resumes another bull race, reclaiming the crucial resistance level, indicating buyers are making a recovery attempt. However, a daily candlestick above the mentioned supply level would invalidate any bearish theory. Therefore, if buyers can put more effort into […]","datePublished":"2024-08-17","dateModified":"2024-08-17","author":{"@type":"Person","@id":"https:\/\/forexschoolonline.com\/author\/jonfox\/#Person","name":"Johnathon Fox","url":"https:\/\/forexschoolonline.com\/author\/jonfox\/","identifier":1,"description":"Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Forex School Online","logo":{"@type":"ImageObject","@id":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","url":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","width":240,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2024\/08\/BITCOIN-IMG-3.png","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2024\/08\/BITCOIN-IMG-3.png","height":2000,"width":2000},"url":"https:\/\/forexschoolonline.com\/bitcoin-btcusd-price-resumes-another-bull-race\/","about":["Cryptocurrency","Price Action Charts in Focus","Price Action Trigger Signals","Technical Analysis","Trade Idea","Trade Setups"],"wordCount":442,"keywords":["Bitcoin","BTCUSD","Technical Analysis"],"articleBody":"Bitcoin (BTCUSD) Price Forecast: August 17Amidst the persistent drop in the crypto market, the Bitcoin price resumes another bull race, reclaiming the crucial resistance level, indicating buyers are making a recovery attempt. However, a daily candlestick above the mentioned supply level would invalidate any bearish theory. Therefore, if buyers can put more effort into their tension in the market, an upward shift in the trend will be achieved.Key Levels:Resistance Levels: $58,000.00, $59,000.00, $60,000.00Support Levels: $49,000.00, $48,000.00, $47,000.00BTC (USD) Long-term Trend: Bearish (Daily Chart)Bitcoin price resumes another bullish race while rising below the resistance levels, suggesting buyers\u2019 recovery attempt on the higher time frame. The coin price is about to rise after updating the lows. The bears\u2019 pressure to a $58,453.56 low mark in the previous action has dropped the crypto\u2019s price below the supply trend levels in its recent high.The coin is recovering from the recent correction as fresh buying emerges near the supply level following the bull race. The buy traders pushed the market price of BTCUSD up to the $59,699.99 resistance value slightly below the EMA-50 shortly after the daily chart opens today. A break above $71,804.13 would intensify the buying pressure on the crypto.The market price of Bitcoin is pointing up in the oversold region; implying that the momentum in the coin price will likely remain and continue in an upward move. We can now expect the next jump by the bulls to reach a $72,000.00 upper resistance level in the days ahead as it resumes another bull race in its higher time frame.BTC (USD) Medium-term Trend: Bearish (4H Chart)The medium-term outlook’s momentum looks bearish but is starting to turn bullish as the Bitcoin price resumes another bull race. The BTCUSD price is currently trading at a resistance close to the EMA-50, indicating a bearish trend. So it seems likely that the bulls are about to take over and push us higher.The previous bearish trend at the $58,453.56 support level has contributed to its bearishness in its recent price level.Despite the interactions from the short traders, the bulls caused a rise to a $59,699.99 high level below the EMA-50 shortly after the commencement of the 4-hourly chart opens today. Thus, buyers need to add more pressure to their activities to move the Bitcoin market beyond the current price level.Additionally, the daily stochastic remains in an upward direction. Hence, if the buy traders manage to break above the $69,861.44 previous supply trend line, the market participants may witness a new recovery rally and this may likely reach the $72,000.00 high mark in the days ahead as it resumes another bull race in its medium-term time frame.Buy Bitcoin on Longhornfx"}