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Bitcoin (BTC) Price Analysis for August 31

31 Aug, 20222 min readAnalytics
Bitcoin (BTC) Price Analysis for August 31

After a few days of decline, some coins are trying to return to the bullish trend.

BTC/USD

The price of Bitcoin (BTC) has increased by 0.83% over the last 24 hours.

On the hourly chart, Bitcoin (BTC) is slightly approaching the local support level at $20,126. If the pressure continues and the candle closes below $20,200, the breakout might lead to the test of the important $20,000 mark soon.

On the daily time frame, nothing crucial is happening as Bitcoin (BTC) is trading in the middle of the channel.

However, if buyers lose the $20,000 mark, there is a chance to see a further decline to $19,500 by the end of the week.

From the mid-term point of view, Bitcoin (BTC) has almost touched the mirror level at $20,700. At the moment, one needs to pay close attention to the weekly closure. If the rate returns to the support level at $19,500, traders might see BTC around $19,000 again.

Bitcoin is trading at $19,930 at press time.

Source

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