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Bitcoin appears to have completed its withdrawal to the previously marked area of interest, and the rebound suggests that the uptrend is resuming. The Fibonacci extension tool shows the next potential upward targets from here.
The 38.2% extension is around the maximum swing of $ 7.100 while the 50% level is closer to the psychological level of $ 7,200. The top of the channel coincides with an extension of 61.8% near $ 7,300. A higher bullish momentum could bring the bitcoin beyond the resistance of the channel and reach 78.6% to $ 7.450 or the full extension to $ 7.639.20.
The 100 SMA is above the long-term 200 SMA to confirm that the path of least resistance is upward. In other words, the upward trend is more likely to resume rather than reverse. In addition, the 200 SMAs align themselves with channel support and swing to act as a line of defense in the event of another dive.
RSI is still climbing to show that there is some purchasing pressure left before you see the conditions of overbought. Stochastic also has room to go up, but it seems like it's coming back to report a return in selling pressure. The medium-term interest area seems to have triggered some take-profit orders, so the rebound.
Traders still seem optimistic that the SEC could soon give approval to bitcoin ETF applications on the lack of any negative updates from the regulator over the last few days. However, the cryptocurrency may still be stuck in limbo for a while because the next set of rulings will not be due until the end of September.
Meanwhile, a return of risk streams on financial markets has weighed on cryptocurrencies as Trump reiterated plans to slap another round of tariffs on China. Naturally, the Chinese government is also waiting for retaliation measures, raising uncertainty and slowing down the demand for riskier assets such as bitcoin.
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