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Bitcoin Forms a Bullish Rebound at $63.8K

Written By: ChartChamp

August 1, 2024

Bitcoin has been in a downtrend after forming a rejection at the upper range of the green bull flag. However, overnight Bitcoin has rebounded around $63.8k with support building up at the yellow trendline. I think Bitcoin is likely to trend back up to the upper range of the bull flag for another attempt to form a bullish breakout. Bitcoin needs to break above $69.6k for a convincing breakout.

Bitcoin’s support is not holding up, BTC is continuing to trend down and dragging the crypto market down with it.

It’s possible that the selling is coming from Grayscale. There is also selling from the U.S. government, which is ironic considering Trump gave a speech at a Bitcoin conference last week saying the U.S. should never sell any Bitcoin.

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