The price of Bitcoin appears comfortable. Currently hovering around $64,000 to $63,000, it is within its support range. If this level does not hold, there could be further strong support around $61,000. Once this minor pull-back concludes, Bitcoin may be expected to continue its recent rally.

Bitcoin Taking a Breath

Everything seems perfectly normal for Bitcoin. The price of $BTC is currently experiencing a slight decline after its efforts over the past two weeks, during which the price increased by 24%, equivalent to nearly $13,000, from its low of $53,400.

After such a strong price wave, it’s normal for Bitcoin bulls to take a breather and allow indicators to reset. It remains to be seen how much correction $BTC will undergo.

Whispers in the Wind

Whispers in the wind are still very much evident. Spot Bitcoin ETFs are maintaining their latest buying spree, and rumors (unconfirmed) are circulating on social media and even on some mainstream media platforms that Donald Trump will announce a strategic reserve of US Bitcoin at the 2024 Bitcoin Conference in Nashville.

Where will $BTC bounce next?

Source: TradingView

Examining the daily timeframe for the price of $BTC, the first of the orange support levels, just below $64,000, is currently holding. However, more momentum might be needed for a healthier correction.

Therefore, the second major support level is around $61,000. This coincides with the 0.382 Fibonacci level for this move. A retracement to this level and a bounce from it would be an exceptionally bullish outcome.

That being said, there’s also a possibility that the shallower 0.236 Fibonacci level could be where the bounce occurs. This is at $63,133, a level that the price of $BTC has already touched.

Source: TradingView

Zooming into the monthly timeframe, it can be seen that the price of $BTC has maintained above the very significant support level of $61,000 for the past 5 consecutive months, marking the highest monthly candlestick peaks of the 2021 bull market.

Five months of price action above this level have resulted in building price structure over the 2021 bull market, which will be highly significant going forward.

The most recent monthly candle of July appears to potentially have the greatest impact thus far. A massive lower wick on the candle indicates significant buying pressure pushing the price of Bitcoin upwards. A monthly close for this candle above or near the top trend line of the bull flag could signal the next massive price surge leading Bitcoin towards $100,000.