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Bitcoin (BTC) Price Analysis for August 29

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Mon, 29/08/2022 - 16:25
Bitcoin (BTC) Price Analysis for August 29
Cover image via www.tradingview.com

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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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BTC/USD

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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