Bitcoin eyes $36K support as chart hints at potential golden cross within weeks

[RSRS]

'So far so good' as BTC cools
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD repeatedly challenging then briefly breaking through the $37,500 mark Wednesday.

As the market digested comments from Gary Gensler, the new Chair of United States regulator, the Securities and Exchange Commission (SEC), BTC price action continued to retrace progress from the previous week.

As Cointelegraph reported, traders were keenly eyeing $36,000 as important support, a showdown with which BTC/USD has yet to begin.

“So far so good for Bitcoin,” Cointelegraph contributor Michael van de Poppe summarized on the day.


BTC/USD buy and sell levels (Binance) as of Aug. 4. Source: Material Indicators/Twitter
A look at orderbook data from major exchange Binance highlighted the veracity of support at the target level, with sellers still lined up at $41,000 and above.

At the time of writing, BTC/USD circled $37,650 after a modest reactionary bounce higher.

From death to gold within weeks
Fellow trader Rekt Capital also remained optimistic, forecasting an increasingly-anticipated “golden cross” event on BTC/USD as soon as the end of the month.

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