Bitcoin Bulls Waking Up: Is This The Build-Up Lifting BTC To $65,000?

Bitcoin is firm at press time, looking at the formation in the daily chart. Bulls flew back yesterday, finding support at around $56,500. Even though the coin remains under pressure, how price action pans out today will shape the short to medium-term formation. Buyers stand a chance unless there is a dump below June and July lows. Risk-on, conservative traders can wait for a sharp close above $65,000 before committing. Losses below $56,500 would also open up opportunities for shorts.

Traders are closely monitoring events. At press time, buyers are confident of what lies ahead.  Even so, price movements are tight, at least for now. To put in the numbers, BTC is up 4% on the last day, down 6% in the previous week. At the same time, trading volume remains muted, at around $26 billion over the last day.

As BTC consolidates, traders are tracking the following trending news:

• Buyers are back in the picture despite the general bear trend evolving at press time. Paper BTC volumes continue to shrink as more capital flows to the spot markets.
• Amid the weakness of the past day, traders are watching how the Puell Multiple indicator evolves. Currently, it is in the neutral zone. A surge above the 0.8 level would mark the start of a leg up.

Bitcoin Price Analysis

BTC/USD is firm at press time.

Buyers are back in the equation though there needs to be confirmation.

Aggressive traders can short on every attempt higher within the September 1 bar.

Their short-term target would be $56,500.

If sellers press on, BTC could slump to as low as $50,000 in a bear trend continuation of early August.

Conversely, gains unwinding losses of September 1 may offer relief traders targeting $65,000 in the short term.