Bitcoin (BTC) Price Analysis: Another Try to Get Above $20,600 (31-Aug)

7:44 am, Wed, 31 August 22

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just above the $20,000 mark and has been moving within the same zone as yesterday. The price is now consolidating below the resistance at $20,600 and is struggling to break above it. The macro trend for BTC is still bearish, and we are expecting the price to drop further in the coming weeks. However, we can also expect some bullishness on the lower timeframes and could see a retest of higher levels before the price drops further. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed in the immediate short term.

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Analyzing the Charts

If we take a look at the latest 1-hour charts for Bitcoin, we can see that the price has been moving within a consolidation zone for the past few days.

Once the price moves out of this zone, we can expect a big move for BTC, most likely towards the downside. If the price breaks below $19,800 convincingly in the coming hours, the next major level we will be eyeing in the immediate short-term is the $19,200 mark.

The $19,200 zone has plenty of significance as it has acted as major support for Bitcoin in the past. The price will likely find some support there before continuing the downtrend.

On the other hand, if the price manages to break above $20,600 convincingly, the next immediate resistance we will be eyeing is $21K.

However, the bullish scenario seems unlikely as the price did break below $20,600 with a major volume spike last time.

Conclusion: What is Next for Bitcoin (BTC)?

Bitcoin is currently trading around the $20,000 mark and will likely drop further in the coming days. The price is moving in a downtrend, and we are expecting BTC to retest the previous bottom soon. It is also likely that Bitcoin will create new lows on the macro timeframes in the coming weeks. We will consider it an opportunity and be interested in accumulating more Bitcoin at these lower levels.

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