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Bitcoin (BTC) Price Analysis for August 29

Mon, 08/29/2022 - 16:25
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Denys Serhiichuk
Can Bitcoin (BTC) keep rising until the rest of the week?
Bitcoin (BTC) Price Analysis for August 29
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The new week has started with the cryptocurrency market’s bounce back as most of the coins are in the green zone, XRP and DOGE are the only exceptions here, demonstrating a fall by 2.22 percent and 0.16 percent respectively.

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The Bitcoin (BTC) price has increased by 1.23 percent over the last day.

BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) is trading above the local resistance level at $19,942. If the exchange rate does not come back to that level, there are high chances to see a further upward move to the $20,700 mark.

BTC/USD chart by TradingView

On the bigger time frame, Bitcoin (BTC) has broken the vital $20,000 mark. At the moment, one needs to pay close attention to the daily closure of the leading cryptocurrency. If the price remains above yesterday's peak at $20,159, the rise may continue.

BTC/USD chart by TradingView

On the weekly chart, it is too early to make any price projections. However, if bulls can hold the $19,500 level, the bounce off can continue until mid-September. On top of that, bulls can come back to the game if they restore the rate to the mirror level at $20,700.

Bitcoin is trading at $20,175 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at