$BTC Bitcoin Price Forecast Short-Term

Updated August 8-9, 2024

Bitcoin has found support at a crucial price level and is now recovering from last week's drop. However, the cryptocurrency's volatility is decreasing. Is this a problem or could Bitcoin continue its bullish path? Let's examine the charts.

How is Bitcoin doing after the drop?

To get a clear picture of Bitcoin's recovery and current trend, we first look at the daily chart. Each candle represents 24 hours, which gives us enough information to analyze the price action.

The chart shows several important aspects. There is a large red zone that acts as support, two blue circles that highlight previous reactions, and blue arcs that indicate the long-term trend (currently showing decreasing highs and lows).

After last week's drop, Bitcoin found support in this red zone, a point that had already triggered significant reactions before (as indicated by the blue circles). Since then, the cryptocurrency has risen by 17%, but the question is whether this trend will continue.

Bitcoin is currently in a downtrend, as shown by the blue arcs, and is having a hard time breaking through the resistance at $57,700. To better understand this situation, we need to take a very detailed look at the price.