Potential for Bullish Wave and Key Levels to Watch

2. Aug. 2023Yesterday, Bitcoin exhibited another descent towards its support zone but also demonstrated a significant positive rebound post-interaction. A noteworthy positive divergence was observed on the RSI, compared to the previous day. With the breach of the downtrend line, there is an opportunity for Bitcoin to initiate another bullish wave up to the resistance area of $30,700. A supportive range for Bitcoin is identified around $29,200. In the event of a positive response at this level, there may be potential for price appreciation. Keeping in mind our previous analyses, this potential uptick should be considered in conjunction with other market signals and trends to form a holistic perspective of Bitcoin's market trajectory.