Bitcoin (BTC) Rebounds, But Trading Volume is Quiet... 'Head-on Battle' at $79,000

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Bitcoin (BTC) rebounded by 2.5% but failed to break through the $79,000 resistance, putting it back to the test.

According to Bitcoin.com on September 3 (local time), Bitcoin rebounded from $76,229 and rose to $78,743 during the day. However, the trading volume during the rebound was lower than when selling pressure was concentrated the previous day. On the 1-hour chart, the ability to defend $77,500-$77,600 was presented as the first condition to maintain a short-term upward trend. On the upside, $79,000-$80,000 was identified as a strong resistance zone.

On the 4-hour chart, buying pressure is raising the lows, but there hasn't been enough trading volume to confirm a trend reversal. Analysis suggests that if $77,000-$77,400 is maintained, the rebound structure will remain intact. Conversely, if the 4-hour candle closes below $76,229, the recovery trend could collapse. Upward resistances were presented in order: $78,900-$79,000, $79,200, and $81,280.

On the daily chart, the August uptrend has not yet been compromised. Bitcoin started August at approximately $62,216, rose to $81,455, and then entered a correction. The 7-day price range is $76,297-$81,281. If the daily closing price exceeds $81,280, further upward signals could be confirmed. Conversely, if it falls below $76,230-$76,300, $74,600 and $71,000-$72,900 are presented as the next lower zones.

Technical indicators were mixed. The Relative Strength Index (RSI) was 67, below the overbought threshold of 70, and the Average Directional Index (ADX) recorded 43. The Momentum indicator was -999, and the Moving Average Convergence Divergence (MACD) was 3,234, indicating sell signals. In contrast, 13 buy signals were confirmed on the moving averages. Only the 10-day Simple Moving Average at $78,287 showed a sell signal, while most long-term moving averages pointed to an upward trend.

Bitcoin.com evaluated $76,229 as a key defense line and $79,000 as the first hurdle that the short-term uptrend must overcome. Analysis suggests that if it settles above $79,500, the possibility of retesting $81,280-$81,455 increases. However, it noted that trading volume and oscillators do not decisively support the rebound, thus requiring confirmation of a resistance breakthrough.

[Key Article Summary]

-Bitcoin rebounded by 2.5% to $78,743 but failed to break through the $79,000 resistance.

-While 13 moving averages showed buy signals, momentum and MACD indicated sell signals.

-If it surpasses $79,500, $81,280-$81,455 becomes the next target, but a breach of $76,229 could weaken the upward structure.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*