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Bitcoin (BTC) Price Analysis for August 31

Thu, 08/31/2023 - 15:33
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Denys Serhiichuk
Is it possible to see upward move of Bitcoin (BTC) soon?
Bitcoin (BTC) Price Analysis for August 31
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The market is trading sideways today, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap


The rate of Bitcoin (BTC) has fallen by 0.63% over the last 24 hours.

Image by TradingView

On the daily chart, the price of Bitcoin (BTC) is trading sideways, between the support at $26,950 and the resistance of $27,493. There are low chances to see any sharp moves today, as most of the ATR has been passed.

XRP Price Analysis for August 30

In this case, consolidation in the range of $21,100-$21,300 is the more likely scenario until tomorrow.

Image by TradingView

A similar situation can be seen on the daily time frame, as the rate is far from main levels. However, until the price is above the support level of $26,818, buyers have the chance to move upward. Such a scenario is relevant until mid-September.

Image by TradingView

From the midterm point of view, one should pay attention to the nearest level of $26,806. If the weekly bar closes above it, traders are likely to see growth to the $27,500-$28,000 zone soon.

Bitcoin is trading at $27,182 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