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It was a bearish start to the week as the Bitcoin price was rejected by the $42,000 barrier on August 01 to start the week below the $40,000 mark. This saw BTC trade in the red for the first two days of the week. Bitcoin then found support at the $38,000 zone as bulls began recuperating losses on August 04. Since then, the bellwether cryptocurrency has had four straight bullish sessions indicating that the bulls are back in town.

So, what was the week like for the pioneer cryptocurrency?

Bitcoin Price, The Week That Was

BTC/USD price rose by approximately 7% in the week ending August 07. Significantly falling short  of the 20% from the previous week, Bitcoin closed Saturday August 07 at  $ 44,647.

Bitcoin price started the week trading in red after rising by about 41% from the July 20 low at around $29,150. On Monday Bitcoin started the day at $39,934 and reached a high of around $42,601. Rejection from the 100-day Simple Moving Average (SMA) saw BTC slide to an intraweek low at around $37,120 on Thursday bust still remained bullish.

The buyers were determined to stretch the bullish leg which saw the Bitcoin price break above the first major resistance at the $39,193. This is the place where it coincides with the 100-day SMA. A push past this level saw the largest cryptocurrency rally to areas above the $44,000 mark yesterday.

During the week, BTC price broke through the first major resistance level at $39,193 to the week and at $40,000 psychological level and flipped the 100-day SMA from resistance to support.

Trading four consecutive days in the green including 5.46% rise on Friday and rising above the $44,000 psychological level was the week’s upside.

Bitcoin Price (BTC/USD) Daily Chart

Bitcoin Price  Daily

BTC Price, The Week Ahead

At the time of writing, Bitcoin price is hovering around $44,971 and appears to battle the resistance posed by the 200-day SMA at $45,000.  BTC will need to close the week above this level to bring $50,000 levels into the picture.

Robust support from the wider market would be needed for Bitcoin price to slice through the major resistance which is currently defined by the 200-day SMA at around $45,000. If this happens, Bitcoin could break through the third major resistance level at the $48,000 psychological level to retest the May 13 high around the $50,000 mark.

Note that closing the week below $45,000 would bring the first major support level at $42,898 into play. A further fall would see BTC re-test the support levels at 100-day SMA ($40,750) and 50-day SMA $37,953 respectively.

The general Bitcoin Price Prediction for the week ahead remains bullish as seen by the positive parabolic SAR, position of the MACD above the zero line and upward movement of the RSI in overbought zone on the daily chart.

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