Bitcoin is concerned about the $36,000 support level as the chart suggests a possible golden cross in a few weeks

Bitcoin (Bitcoin) On Wednesday returned to a local low of 37,500 US dollars from a new round of decline above 42,000 US dollars.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

As BTC cools down, “all has gone well so far”

Data from Cointelegraph Markets Pro and Transaction view It shows that BTC/USD has repeatedly challenged and then briefly broke through the 37,500 USD mark on Wednesday.

With the market Digested In the comments of Gary Gensler, the new chairman of the US Securities and Exchange Commission, the BTC price trend continues to look back to the progress of the previous week.

As Cointelegraph Report, Traders keenly regard 36,000 USD as an important support, and the BTC/USD showdown has not yet begun.

“So far, Bitcoin is very good,” Cointelegraph writer Michaël van de Poppe Summarize That day.

BTC/USD trading level (Binance) as of August 4. Source: Material Indicators/Twitter

have a look Order data The major exchange Binance emphasized the authenticity of the target level support, and sellers are still ranked at $41,000 and above.

At the time of writing, BTC/USD hovered at $37,650 after a mild reactionary rebound.

From death to gold in a few weeks

Trader Rekt Capital also remains optimistic, expecting the BTC/USD “golden cross” event to occur as soon as the end of this month.

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The golden cross corresponding to the “death cross” involves a rising 50-day moving average price breaking through the 200-day moving average. The latest price increase, although partially reversed, managed to promote this situation after the death cross in June.

“BTC’s recovery is so fast that the two death cross EMAs started to flick upwards,” he said famous Tuesday.

“If BTC continues to maintain these highs or rebound higher, then the best-case scenario is that the golden cross may occur in late August.”

BTC/USD 1-day candlestick chart (Binance) and cross.Source: Rekt Capital/Twitter

At the same time, in terms of market sentiment, despite the retracement, interest in higher price levels remained firm throughout the week. Powerful on-chain data Combined conspicuously, although unknown, Buying activity further boosted the bulls.