The OG crypto’s upswing could also be running out of steam around key technical resistance levels!

Think BTC/USD is due for a bearish turn?

We’re taking our cues from the day by day chart:

Bitcoin (BTC/USD) Day by day Chart by TradingView

August has been a reasonably good month for bitcoin up to now, as BTC/USD jumped from the $50,000 mark to trade closer to the $60,000 levels.

After all, it could have helped BTC/USD that an anti-dollar sentiment took over the markets in anticipation of a Fed rate cut in September.

Do not forget that directional biases and volatility conditions in market price are typically driven by fundamentals. For those who haven’t yet done your homework on bitcoin and the U.S. dollar, then it’s time to ascertain out the economic calendar and stay updated on day by day fundamental news!

How high can BTC/USD fly with its momentum?

Eh. Probably not much farther.

For one thing, increasing U.S. stock prices may weigh on bitcoin demand and limit BTC/USD’s gains.

BTC/USD can be having trouble busting through the $60,000 – $62,000 levels, which is correct around where the day by day chart’s 100 and 200 SMAs and Pivot Point levels are. More importantly, bitcoin’s current levels are usually not removed from a descending channel resistance that’s been around since March.

Look ahead to bearish candlesticks and sustained trading below $62,000, which could attract sellers and drag BTC/USD to the $57,000 previous support or the mid-channel area near the S1 ($55,436) Pivot Point line.

But when BTC/USD manages to remain above $60,000 and regain fresh bullish momentum, then the pair could retest the $64,000 resistance. Bitcoin bulls could make a play for the $68,000 previous highs and encourage a bullish breakout which will take BTC/USD to the $70,000 mark.

What do you’re thinking that? Can BTC/USD sustain its bullish momentum this month?