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Bitcoin (BTC) Price Analysis for August 23

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Wed, 23/08/2023 - 18:00
Bitcoin (BTC) Price Analysis for August 23
Cover image via www.tradingview.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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Bulls are trying to seize the initiative by the end of the day, according to the CoinMarketCap ranking.

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Top coins by CoinMarketCap

Top coins by CoinMarketCap

BTC/USD

The price of Bitcoin (BTC) has increased by 0.21% over the past 24 hours.

BTC/USD chart by TradingView

Image by TradingView

On the hourly chart, the price of Bitcoin (BTC) is looking bullish as it is trying to fix above the vital zone of $26,000.

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If that happens, there is a good chance of seeing a resistance breakout, followed by further growth to the $26,500 area.

BTC/USD chart by TradingView

Image by TradingView

On the daily time frame, the rate of BTC is not ready yet for a sharp move as it has not accumulated enough energy yet. However, if the upward move continues to the resistance at $26,264, buyers might seize the initiative, which could lead to a possible test of the $27,000 mark soon.

BTC/USD chart by TradingView

Image by TradingView

On the weekly chart, the price of BTC has made a false breakout of the support of $25,601. If the bar closes far from that mark, one can expect a correction to the $26,800-$27,000 zone by the end of the month.

Bitcoin is trading at $26,117 at press time.

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