Bitcoin Momentum Grows as Bulls Regain Control
Bitcoin has regained bullish momentum after weeks of consolidation above its June lows. The recent price action shows that buyers are gradually regaining control, defending the $64,000 support area.
The daily chart indicates a significant change in market structure, with Bitcoin setting higher lows rather than new lows throughout July and early August. This suggests that demand is starting to withstand selling pressure.
Technical indicators show improvement, as the 20-day and 50-day moving averages have stabilized above the current price. The 50-day moving average has leveled off after months of decline, while the 20-day moving average has begun to rise.
The RSI has risen back above the neutral 50 level to roughly 53, indicating that buying pressure is surpassing selling pressure. However, institutional conviction has not yet fully returned, as volume remains moderate during the recent recovery.