Bitcoin (BTC)CryptocurrencyPrice Analysis

Bitcoin (BTC/USD) Retraces, Targeting $36K Lows

At the moment, the leading coin by market dominance targets the low levels at $36,000.

That comes after BTC-USD faced rejection around the $42,400 highs on 31 July.
Digital assets have registered daily slight losses since then as BTC bulls failed to maintain enough momentum to break the resistance at $42,451.

The recent Bitcoin’s price actions had analysts predicting that BTC will resume its range-bound movements between $30K and $42.4K.

  • Resistance zones – $45K, $46K, and $47K.
  • Support zones – $40k, $39K, and $38K.

BTC-USD Daily Chart

Bitcoin resumed its downtrends after the crypto bulls failed to extend the upward push. BTC has to overpower the resistances at $40K and $42.4K to ensure upside movements.

For now, the coin is likely to experience extended losses towards the $36,000 lower levels. If bearishness breaches this level, Bitcoin will incur massive losses.

On the other hand, if BTC sees price retrace and rebounds over the support at $36,000, it will launch uptrends. Bitcoin tried to maintain over $38K as its market extends fluctuations beneath and beyond the $38K mark.

On the other news, some US lawmakers want a guarantee that BTC miners and cryptocurrency developers will not incur the latest proposed tax regulations. According to the statement, amendments and stiffer crypto rules might offer the administration additional revenues worth $28 billion.

Efforts by the authorities to remove tax requirements come as the US sees expanding mining base. Senator Portman spokesman said that non-brokers like software developers and miners need not follow the IRS reporting responsibilities.

Four-Hour Chart

BTC/USD still trades over $38,000 as Bitcoin appears to target the lows at $36,000. Some market players predict that the leading coin will drop beneath the level as the market lack the correct sentiments for upside moves.

Keep in mind that the 2 August drop saw a retraced candlestick testing the 61.8% Fib retracement zone. With that, Bitcoin has chances to fall before reversing towards the 1.618 Fib extension or the levels at $37,794.40.

What do you think of the current Bitcoin movements? Will the coin resume its uptrends? Feel free to share your views below.

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