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Bitcoin bulls looks poised for more gains

Bitcoin closed lower for the third day in a row, with losses totaling over 7%. On Monday, August 2, Bitcoin fell 1.75% to $39,147. The price action began to decline from $42,599. BTC broke through the key support level around $41k and reverted to a short-term bearish phase. The pressure has increased due to heightened demand for altcoins in BTC pairs.

During Asian trading on Tuesday, the price dropped to $37,955. Buyers still view the pullback as a correction and expect the rally to resume. Pressure on Bitcoin may increase as long positions are closed given that the bulls failed to defend the $39,300 level (the support line for continued gains).  For this reason, the risk of a drop to $36,500 has increased.

By the time of writing, Bitcoin was trading at $38,582. On the hourly BTCUSDT chart, the first major resistance level is near $40,350. Closing of the daily candle near $39,900 would neutralize bearish sentiment.

On Friday, an important report on the US labor market for July will be released for the US dollar. It will be the last major release before the Jackson Hole Economic Symposium. The median consensus expects the US economy to add 880k jobs in July. The dollar will most likely trend sideways until Jackson Hole, at which the Fed could signal the timeline to kick off tapering. The symposium will take place on August 26-28.

Notably, there has been a new outbreak of Covid-19 in Asia, including China. The spread of the virus in China has led to tougher quarantine measures across the country. To contain the outbreak, authorities have restricted entry to Beijing from regions where the infection has spread.  US equity indices and oil came under pressure due to Covid jitters. Unless the pressure subsides, the key cryptocurrency will also come under pressure.


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