Bitcoin (BTCUSD) Price Forecast: August 6
Today, the Bitcoin market is set for the next bull rally as we can see a new correction below the supply levels, indicating an attempt by the bulls to begin another journey up north. The coin price has begun to advance in an upward direction. This occurs after the price action spontaneously fell through the support in the past few days. However, the crypto is set for an upward rally and the price may perhaps surge to retest the previous high of $69,828.93 and even go higher if buyers can demonstrate their strength and trade increase their buying momentum.
Key Levels:
Resistance Levels: $60,000.00, $61,000.00, $62,000.00
Support Levels: $53,000.00, $52,000.00, $51,000.00
BTC (USD) Long-term Trend: Bearish (4H Chart)
The Bitcoin market is set for the next bull rally. The coin is having a bearish posture in its long-term outlook as can be seen from the chart below. This is due to the inflow from the sell traders. 
The sustained pressure from the bears in the past few hours at the $57,977.11 support level has contributed to its bearishness in its recent low.
The bulls are trying hard not to fall again as the market value of BTCUSD price pulled back to a $54,576.38 high value below the EMA-50, shortly after the commencement of the 4-hourly session today, suggesting that the price is set for the next bull rally. Thus, the price tendency will climb over the crucial levels if the bulls raise their level of market tension.
Meanwhile, the market price of Bitcoin is in an uptrend in the oversold region of the stochastic, this means that the selling pressure has reached exhaustion. Hence, the expected upside move in the price could be high at $69,828.93 and extend to the $72,000.00 high in the coming days in its long-term outlook.
BTC (USD) Medium-term Trend: Bearish (1H Chart)
According to the chart below, the medium-term outlook for the Bitcoin market shows that it is set for the next bull rally. 
The coin price is below the moving average, indicating a bearish trend, and the impending next significant price shift.
The $54,576.38 price level served as a solid resistance for the coin price as a pullback below the EMA-50 as the 1-hourly session resumes today, suggesting the coin price is set for the next bull rally. Because there is currently a bullish correction in place, the bulls will likely continue climbing.
Similarly, the daily stochastic is pointing upward in the oversold area of the daily signal; the BTCUSD price is likely to continue moving north. It indicates that there is no longer any selling pressure, and we can anticipate the forthcoming bullish correction phase to quickly achieve a high of $72,000.00 in its medium-term time frame.
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