Bitcoin defends $64,000 level... Pi Coin and Uniswap signal further upside

▲ Bitcoin (BTC), Dollar (USD) ©

While Bitcoin (BTC) found stability above $64,000, Pi Coin (PI) and Uniswap (UNI) led the bullish trend. Bitcoin is testing a break above its 50-day Exponential Moving Average (EMA), and Pi Coin and Uniswap are also challenging their respective key technical resistance levels.

According to FXStreet, an investment media outlet, on August 6 (local time), Bitcoin traded above $64,000 on Thursday, attempting to break above its 50-day Exponential Moving Average (EMA) of $64,660. However, it remains significantly below its 200-day EMA of $73,399. If it definitively breaks above the 50-day line, the next resistance level is the June 3 high of $67,516.

Bitcoin's Relative Strength Index (RSI) rose to around 53, moving above the neutral line, and the Moving Average Convergence Divergence (MACD) is on the verge of a bullish crossover above its signal line, indicating weakening downward pressure. Conversely, if the uptrend falters, $60,000 will act as a key psychological support level, and in case of further decline, the swing low around $58,115 is cited as a defense line.

Pi Coin, which showed the most prominent rise in the last 24 hours, maintained its 10% rebound from the previous day, testing a break above the upper boundary of a descending channel above $0.0900. The Relative Strength Index recovered to around 55, and the Moving Average Convergence Divergence also rose along with its signal line. The overhead resistance is the 127.2% Fibonacci extension at $0.0961, based on the decline from $0.1998 to $0.1183, with a subsequent target of $0.1183. However, if it closes below $0.0900, the breakout potential will be invalidated, and it could retreat to $0.0700.

Uniswap continued its bullish momentum above $4.00 after a 5% gain the previous day. The price is trading above both its 50-day Exponential Moving Average (EMA) of $3.6067 and its 200-day EMA of $3.8969. The next resistance level is the February 11 high of $4.5880, and a close above this could open the door for a rally to the December 21 high of $6.5000. Although the Moving Average Convergence Divergence (MACD) has crossed below its signal line, the Relative Strength Index (RSI) remains at 57, indicating a neutral-to-positive trend rather than overbought conditions. In case of a decline, $3.8969 and $3.6067 are expected to act as support levels, respectively.

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