Bitcoin price fell below $38,000, bullish traders next set their sights on new higher lows

Bitcoin (Bitcoin) It briefly fell below $38,000 on August 3, as signs of retreat from the range high continued to flow in.

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

Caution before BTC prices fall

Data from Cointelegraph Markets Pro and Transaction view It shows that BTC/USD broke through $37,960 on Bitstamp before rebounding.

The trading price still fell 3.7% that day, due to concerns Regulatory measures From the United States this week.

As Cointelegraph Report, Analysts have hoped that the correction will cause Bitcoin to fall thousands of dollars to create higher lows so that it can continue to rise.

The target area is about 36,000 USD, which is now the key to holding to prevent trader Pentoshi Call “The worst situation.”

“Deviation destroys those who have no plans,” he warned Twitter fans next to a chart showing key price levels.

“I will return the high OR for the HL bid range in the gray box. If we break below the middle range and start to close below, then you need to plan for some worst-case scenarios. This is the only thing I have (currently) for a long time Two triggers.”

BTC/USD target chart.Source: Pentoshi/Twitter

Tuesday’s trading level is only slightly different from this assumption, and Binance’s main support level is at $35,000.

Resistance is at $41,000, and sellers’ main interest now lies in the high of $42,500.

BTC/USD trading level (Binance) as of August 3. Source: Material Indicators/ Twitter

Analyst: Bitcoin retracement “has already happened”

At the same time, trader and analyst Rekt Capital found that long-term price movements are meaningful and may strengthen the $29,000 bottom.

related: 8/2 Price analysis: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LINK

Within the annual time frame of the four-year cycle, $29,000 provided support in 2021, placing the behavior after the halving firmly in the historical context.

Others have also Convinced Judging from the turnaround and monthly closing of Bitcoin in July, it includes PlanB, the creator of the stock-to-flow price model.