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Bitcoin (BTC) Price Analysis for August 31

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Wed, 31/08/2022 - 15:37
Bitcoin (BTC) Price Analysis for August 31
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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After a few days of decline, some coins are trying to return to the bullish trend.

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BTC/USD

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

BTC/USD chart by TradingView

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.

BTC/USD chart by TradingView

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

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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.

BTC/USD chart by TradingView

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.

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