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Bitcoin (BTC) Price Analysis for August 29

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Tue, 29/08/2023 - 16:00
Bitcoin (BTC) Price Analysis for August 29
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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Buyers are slightly dominating over sellers, 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 0.31% over the last 24 hours.

BTC/USD chart by TradingView

Image by TradingView

On the hourly chart, the price of Bitcoin (BTC) is looking bullish as the bar is about to test the local resistance of $26,200. If bulls hold the initiative, the breakout may lead to a blast to the $26,400 zone tomorrow.

BTC/USD chart by TradingView

Image by TradingView

A less bullish situation can be seen on the daily time frame as the price keeps accumulating energy for a further move.

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As neither bulls nor bears are dominating, ongoing consolidation in the area of $26,000-$26,500 is the more likely scenario for the next few days.

BTC/USD chart by TradingView

Image by TradingView

From the midterm point of view, it is too early to make any predictions as the candle is far from the bar's closure. However, if buyers can hold the price above the $26,000 zone, the growth may continue to $26,800.

Bitcoin is trading at $26,194 at press time.

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