Bitcoin (BTCUSD) Price Forecast: August 4
BTCUSD market price will turn positive soon as the coin is on the verge of reversal. The crypto might rebound at $28903.79 to resume its upward rally. Should the bulls add more energy and strength to their buying pattern, the coin price could turn upside to retest the previous high at the $31862.21 level, suggesting buyers are making a recovery attempt. Thus, if the crypto’s price could sustain above the mentioned price, the potential rally could surge higher to hit the $35000.00 value and beyond resulting in a good buying potential for the interested traders.
Key Levels:
Resistance Levels: $28000.00, $29000.00, $30000.00
Support Levels: $20000.00, $19000.00, $18000.00
BTC (USD) Long-term Trend: Bearish (Daily Chart)
The BTCUSD pair is trading in the bearish trend market in its long-term outlook. The price bar can be seen below the moving average lines and has confirmed its bearishness. 
The interference of short-term traders to the $29102.65 low level on the 31st of July has contributed to its bearish momentum in recent times.
Actions from the bears further dropped the coin price down to the $28903.79 support level below the two EMAs as the daily chart resumes today.
Thus, the anticipated bullish reversal could kick start a new recovery cycle and may push the price of Bitcoin above the $31862.21 price level.
Meanwhile, there is a possibility of price reversal at the mentioned support as the price of BTCUSD now approaches the oversold region.
This means that the buying pressure is about to commence, therefore, if the bulls should add more efforts to their tension in the market, the bullish correction race could reach the $35000.00 resistance mark soon in the long-term perspective.
BTC (USD) Medium-term Trend: Bearish (4H Chart)
The market price of BTCUSD is currently trading in the bearish market zone. This is due to the inflows from the sell traders.
The bears made a downward move to the $28842.81 support level before the end of yesterday’s session. This gave sellers more strength to continue with the trend in its recent low.
Actions from the bears further dropped the coin price down to the $28903.79 support level below the two EMAs as the 4-hourly chart resumes today. Hence, should the bulls exchange hands with the sell traders and close above the $31862.21 resistance value, additional intraday gains would be recorded for the buy investors.
Additionally, the price of Bitcoin might possibly swing up above its previous high at the $31862.21 value soon as the coin market price now approaches the oversold region, this will compel the bulls to resume the upward move and in this case, the price might push higher to the $35000.00 supply mark and beyond in the days ahead in its medium-term time frame.
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