Bitcoin Price Prediction for Today August 5: BTC Price Regains Bullish Momentum as It Revisits $24K

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Bitcoin Holds above $22.5K as It Revisits $24K – August 5, 2022

BTC/USD is trading marginally above the moving average lines since July 19 as it revisits $24K. The largest cryptocurrency retraced above the 21-day line SMA and resumed upward. The price action is characterized by small body indecisive candlesticks called Doji. Bitcoin is trading at $23,174 at the time of writing.

Bitcoin Price Statistics Data:
•Bitcoin price now – $23,174.85
•Bitcoin market cap – $443,478,499,519
•Bitcoin circulating supply – 19,113,368.00 BTC
•Bitcoin total supply – $480,634,901,670
•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000

On August 5, Bitcoin declined above the moving average lines. BTC price found support above $22,593.50 and resumed upward. This will be the second time Bitcoin is falling after failing to break above the $24,000 overhead resistance. In the previous retest, Bitcoin declined to the low of $20,724 as bulls bought the dips. On the upside, Bitcoin will rise to retest the $24,000 overheard resistance if the current support holds.

A rebound above the moving average line will catapult Bitcoin to rally above the $24,000 overhead resistance. The bullish momentum will extend to the high of $28,000. However, the upward move is hampered because of the presence of Doji candlesticks. Nonetheless, if the bears break below the current support, the cryptocurrency will revisit the previous low at $20,724. Meanwhile, Bitcoin is trading at $23,174 at the time of writing.

El Salvador Host 1.1 Million Visitors despite Bitcoin Bear Market

El Salvador is the first country to adopt Bitcoin as a legal tender. After the adoption of Bitcoin as a legal tender, there has been remarkable growth in tourism numbers in the first half of 2022. Several thousands of Bitcoiners have made the trip to El Salvador. For instance, Jeff Booth, entrepreneur and author of Price of Tomorrow, Obi Nwosu, CEO of Fedimint, the decentralized community custody solution, and Samson Mow, CEO of Jan3, have all taken pilgrimages to El Salvador.

El Salvador has recorded remarkable success in tourism in the first half of 2022. According to government figures, there were 1.1 million visitors to El Salvador this year, This is in view of the fact that Bitcoin has fallen significantly. Meanwhile, data from the World Travel Organization reinforces the claims that the tiny Central American country is internationally recognized as “one of the countries with the best rate of tourism recovery in the region as of January 2022.”

BTC/USD – 4 Hour Chart

Meanwhile, the BTC price has continued to rise as it revisits $24K. Bitcoin will resume upside momentum if price breaks above the overhead resistance. BTC price is at level 55 of the Relative Strength for period 14. It indicates that Bitcoin is in the uptrend zone and capable of a further upward move.

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