Technical analysis by Lena-Jam about Symbol BTC: Buy recommendation (8/1/2024)

Countries like the US and European nations are considering new regulations related to cryptocurrencies. These changes could significantly impact the Bitcoin market. The EMA 34 and EMA 89 lines are supporting the price trend. However, the current price is below both lines, indicating a weak short-term trend. The MACD indicator shows a negative signal with the MACD line crossing below the signal line and the histogram in negative territory. This indicates that downward momentum is prevailing. If the price holds the support level at $63,500, a strong recovery to the resistance area of $67,580 could occur.