Bitcoin’s 2-month price increase shows bulls’ near-term edge


Bitcoin (BTC) dropped marginally in value against the US dollar on Friday, August 12, after hitting a two-month high the day before.

Nevertheless, based on the daily bar chart, the price of the leading digital asset has been rising for the last two months, and bulls currently have the overall near-term technical advantage.

Whether the uptrend is the bull’s friend in this situation remains to be seen, but prices seem, at least in the medium term, to be likely to continue going sideways to higher for BTC, following the path of least resistance. Bitcoin has been in an uptrend for the last two months.

Since July, when a feeling of stability returned to the cryptocurrency market, optimism has increased, and Bitcoin’s recent comeback has helped it approach the $25,000 barrier.

From the standpoint of technical analysis, the $25,000 level is crucial since it was previously a point of firm support but has since become a substantial level of resistance.

For Bitcoin bulls to advance, a break over $25,000 is required. Bitcoin came uncomfortably close to exceeding $25,000 during its most recent rally.

Nonetheless, the resistance just underneath it was sufficient to repel the bulls. The bulls regrouped, causing a $200 retreat from this level.

Bitcoin is now trading at $23,936 at the time of publishing, down 1.8% over the last 24 hours but up 4.08% over the past week.

According to the most recent statistics from CoinMarketCap, the market capitalization is now $458 billion.

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