Optimism is still rampant despite intraday losses accelerating on BTC/USD, which is targeting giant buyer support at $36,000.

Bitcoin (cryptoprimacy.com/bitcoin-price”>BTC) returned to hit local lows of $37,500 on Wednesday in a fresh installment of its comedown from above $42,000.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

“So far so good” as BTC cools

Data from cryptoprimacy.com/?via=markets&_ga=2.69910736.1149317252.1627726574-837655583.1627726574″>Cointelegraph Markets Pro and TradingView showed BTC/USD repeatedly challenging then briefly breaking through the $37,500 mark Wednesday.

As the market cryptoprimacy.com/news/nakamoto-s-innovation-is-real-says-sec-chair-gary-gensler” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/nakamoto-s-innovation-is-real-says-sec-chair-gary-gensler/amp”>digested comments from Gary Gensler, the new Chair of the United States Securities and Exchange Commission, BTC price action continued to retrace progress from the previous week.

As Cointelegraph cryptoprimacy.com/news/bitcoin-price-dips-below-38k-with-bullish-traders-eyeing-a-new-higher-low-next” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/bitcoin-price-dips-below-38k-with-bullish-traders-eyeing-a-new-higher-low-next/amp”>reported, traders were keenly eyeing $36,000 as important support, a showdown with which BTC/USD has yet to begin.

“So far so good for Bitcoin,” Cointelegraph contributor Michaël van de Poppe summarized on the day.

BTC/USD buy and sell levels (Binance) as of Aug. 4. Source: Material Indicators/Twitter

A look at orderbook data from major exchange Binance highlighted the veracity of support at the target level, with sellers still lined up at $41,000 and above.

At the time of writing, BTC/USD circled $37,650 after a modest reactionary bounce higher.

From death to gold within weeks

Fellow trader Rekt Capital also remained optimistic, forecasting an increasingly anticipated “golden cross” event on BTC/USD as soon as the end of the month.

Related: cryptoprimacy.com/news/betting-on-tax-bill-fud-5-things-to-watch-in-bitcoin-this-week” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/betting-on-tax-bill-fud-5-things-to-watch-in-bitcoin-this-week/amp”>Betting on tax bill FUD: 5 things to watch in Bitcoin this week

A golden cross, the counterpart to the “death cross,” involved the rising 50-day moving average price crossing above the 200-day moving average. The latest price increase, while partially reversed, has nonetheless managed to push such a scenario forward after the death cross in June.

“BTC has enjoyed such a recovery that the two Death Cross EMAs have began to flick upwards,” he noted Tuesday.

“If $BTC continues to hold these highs or rally higher then a best case scenario Golden Cross could occur in late August.”

BTC/USD 1-day candle chart (Binance) with crosses. Source: Rekt Capital/ Twitter

Meanwhile, in terms of market sentiment, interest in higher price levels was firm throughout the week despite the retracement. cryptoprimacy.com/news/btc-price-sees-6-correction-in-contrast-to-booming-bitcoin-on-chain-data” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/btc-price-sees-6-correction-in-contrast-to-booming-bitcoin-on-chain-data/amp”>Strong on-chain data combined with conspicuous, albeit cryptoprimacy.com/news/more-like-shock-to-flow-btc-price-hits-bull-trigger-as-mystery-buyers-scoops-up-supply” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/more-like-shock-to-flow-btc-price-hits-bull-trigger-as-mystery-buyers-scoops-up-supply/amp”>unknown, buying activity to buoy bulls further.