As of August 4, 2026, Bitcoin (BTC) trades at $66,627, marking a 4.14% 24-hour gain that confirms a breakout from a multi-week bullish consolidation pattern. After a 12% correction from the June 2026 all-time high (ATH) of $74,180, BTC spent three weeks rangebound, with price action finally resolving to the upside this week. This analysis breaks down the current technical structure, indicator momentum, key support/resistance, and actionable trading levels for both short and medium-term market participants.
Price Structure
Over the 21 trading days between July 10 and August 3, 2026, Bitcoin formed a clear bullish ascending triangle pattern on the daily chart, a continuation pattern that typically resolves in the direction of the prior uptrend. The pattern is defined by a horizontal resistance level at $65,000, which was tested three times between July 18 and August 2, and a sequence of higher swing lows: $57,200 (June 30), followed by $59,800 (July 22), confirming buying pressure at incrementally higher price levels.
Yesterday’s daily close above $65,200 marked a confirmed breakout, with 24-hour trading volume hitting 12% above the 30-day average, eliminating most near-term risk of a false breakout. On the 4-hour timeframe, price has cleared all minor swing highs set since the June correction, further validating the bullish bias. The only near-term blemish in the price structure is mild bearish divergence between price and momentum on the 4-hour chart, which suggests a high probability of a short-term retracement to test the broken resistance level before continuation higher.
Indicator Analysis
A review of key oscillators and moving averages confirms a shifting bullish momentum landscape:
Relative Strength Index (RSI)
The daily RSI currently reads 62.8, up from a neutral 48.2 at the start of July. This marks a move out of the neutral range that defined consolidation, and crucially, remains below the 70 threshold that signals overbought conditions. This leaves ample room for upside momentum to continue before hitting extreme levels. On the 4-hour timeframe, RSI is at 68.1, just shy of overbought, aligning with the price structure signal that a short-term pullback is likely before the uptrend extends.
Moving Average Convergence Divergence (MACD)
The daily MACD printed a bullish crossover of the MACD line above the signal line on August 2, with the histogram turning positive for the first time in 28 days. This is a classic confirmation of shifting momentum from bearish to bullish after a correction. The 4-hour MACD shows a still-expanding positive histogram, indicating short-term bullish momentum remains intact despite the approaching overbought RSI.
Moving Averages
Bitcoin is currently trading 7.2% above its 50-day simple moving average (SMA) of $62,150, which has recently flattened and begun to curve higher after three weeks of sideways action, a signal that medium-term support is strengthening. BTC also trades 14% above its 200-day SMA of $58,420, which remains in a steep uptrend, confirming the structural bull market remains intact. Earlier this week, the 20-day exponential moving average (EMA) crossed above the 50-day EMA on the daily chart, a short-term golden cross that further confirms the bullish trend resumption.
Support & Resistance
Key support and resistance levels are defined by confluence of prior price action, pattern structure, and moving averages:
- ●Immediate Resistance: The first near-term resistance zone aligns with the July 2026 swing high of $67,000 to $67,500, just 1-3% above current price of $66,627. The next major resistance zone is the June 2026 ATH at $73,500 to $74,500, which represents the ultimate medium-term upside target for the current breakout.
- ●Immediate Support: The broken ascending triangle resistance at $64,500 to $65,500 is now the first key support zone, as broken resistance typically acts as new support in valid breakouts. The next confluence support zone is $61,500 to $62,500, aligning with the 50-day SMA and the upper bound of the prior consolidation range. The strongest medium-term support zone is $58,000 to $60,000, which combines the July 22 swing low of $59,800 and the 200-day SMA of $58,420.
Trend Analysis
Short-Term Trend (1-4 weeks)
The short-term trend has flipped from sideways consolidation to bullish following the confirmed breakout above $65,000. The sequence of higher highs and higher lows on the daily and 4-hour charts confirms the uptrend is resuming. While the near-term overbought reading on the 4-hour RSI suggests a high probability of a 2-3% pullback to retest the $65,000 support zone, this pullback is expected to be corrective, not a trend reversal.
Medium-Term Trend (1-6 months)
The medium-term trend remains strongly bullish, aligned with the post-halving cycle that began after the April 2025 Bitcoin halving. The weekly chart continues to print higher highs and higher lows, with the 12% correction from the June ATH representing a healthy bull market correction that shook out weak leverage before resuming the uptrend. The break above $65,000 confirms the correction is complete, and the medium-term uptrend is back on track.
Trading Implications
For short-term swing traders, the breakout is valid but chasing price above $66,500 carries poor risk-reward, given the proximity to the $67,200 swing high and near-term overbought momentum. Traders should wait for a retracement to the $64,800-$65,500 support zone to enter long positions, rather than entering at current market prices. For bears, the breakout above $65,000 stops out all short positions established during the consolidation range, and new short positions are not justified until price fails to break the $67,200 resistance and closes back below $64,500.
For medium-term position traders, this breakout confirms that the structural bull market remains intact, and any dips to support zones are high-probability buying opportunities for the next leg towards new all-time highs. Leverage should be used cautiously, however, as short-term volatility around the $67,000 resistance level is expected in the coming days.
Key Entry, Stop Loss, and Take Profit Zones
Conclusion
| Trader Type | Entry Zone | Stop Loss Zone | Take Profit Zones |
|---|---|---|---|
| Short-Term Swing Trader (1-4 weeks) | Aggressive: $66,000-$66,800; Conservative: $64,800-$65,500 | Aggressive: Below $64,200; Conservative: Below $63,800 | TP1: $67,000-$67,500 (take 50% profit); TP2: $73,500-$74,500 |
| Medium-Term Position Trader (1-6 months) | Any dip to $62,000-$65,000 | Below $59,000 | TP1: $73,500-$74,500; TP2: $79,000-$81,000 (if ATH breaks) |
As of August 4, 2026, Bitcoin’s technical setup is strongly bullish after a confirmed breakout from a multi-week ascending triangle pattern. Momentum indicators have flipped bullish, key moving averages support further upside, and the trend structure confirms the resumption of the post-halving uptrend. Traders who enter on a short-term pullback to support will be positioned for a move towards the June 2026 all-time high in the coming weeks.
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