Bitcoin Price Waiting For Possible Recovery

Sep 01, 2023 at 14:44 // Price
Coin Idol
Bitcoin plunged into the oversold zone of the market

Cryptocurrency price analysis brought by Bitcoin (BTC) price retreated on August 31 and found support again above the $26,000 level. However, the price fell to $25,800 on September 1.

Bitcoin price long-term forecast: bearish

On August 29, the Bitcoin price reached a high of $28,142, but was pushed back down. The positive momentum was halted when the cryptocurrency entered an overbought market region.

The largest cryptocurrency fell into the $26,000 to $27,000 range. At the time of writing, Bitcoin is worth $25,817. The cryptocurrency plunged into the oversold zone of the market. On the other hand, Bitcoin has been trading above the current support since August 18. If the bears break the current support, the BTC price could fall back to previous lows of $24,800 or $25,350.

Bitcoin indicator display

On August 31, the Bitcoin price fell rapidly, reaching a Relative Strength Index of 36 for the period of 14. As the market is oversold, the cryptocurrency is likely to fall. The cryptocurrency value will also try to fall when the price bars are below the moving average lines. Bitcoin is currently trading below the daily stochastic threshold of 20, which means that the cryptocurrency is currently in the oversold zone of the market. The current price decline may be coming to an end.

BTCUSD_(Daily Chart) – AUG. 31.23.jpg

Technical Indicators:

Key resistance levels – $30,000 and $35,000

Key support levels – $20,000 and $15,000

What is the next direction for BTC/USD?

Bitcoin is expected to resume its movement between $26,000 and $27,000. Previously, the positive momentum could not be maintained above the $27,000 support, which led to a decline. Today, the existing support is holding as buyers are recovering in preparation for a new rise.

BTCUSD_ (4 Hour Chart) – AUG.31.23.jpg

On August 30, 2023 cryptocurrency analytics specialists of stated that the largest cryptocurrency has broken out of the $26,000 to $27,000 price range. If the bulls manage to keep the price above the $27,000 support and maintain the positive momentum, the market will rise above the moving average lines. 

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Readers should do their research before investing in funds.

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