Bitcoin (BTC) Price Analysis: Levels to Watch on the 1-Day Timeframe (31-Aug)
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading at around $20,000 and has been trading within the same zone for the past few days. The price is facing strong resistance around the $20,600 mark and must break above it in the short-term to gain some bullish momentum on the lower timeframes. The trend is still bearish on the macro timeframes, and Bitcoin could also reach new lower levels in the coming weeks. In this price analysis, we will take a quick look at the latest levels we are watching for Bitcoin on the 1-day timeframe.
You can trade Bitcoin with leverage on Bybit. By using our link, you can get up to a $4,450 bonus. (Bonus may vary based on deposit amount)
Claim up to $4450 in Bonus
Analyzing the Charts
If we take a look at the latest Bitcoin charts, we can see that the price is currently facing resistance around the $20,600 mark. It is the level that was previously held as support and has now turned into resistance.
Even though the price seems to have found some support around $19,800, the main support level we will be eyeing for BTC on the 1-day timeframe is the $19,200 mark.
The $19,200 region is important because it has acted as support multiple times in the past few months.
If the price drops to this level in the coming days, we can expect some relief for the bulls. It is a strong level, and a bounce back is expected once the price reaches the lower $19K region.
On the other hand, it is also likely that the price will break below this major level in the coming weeks, and the next target we will be eyeing is the previous bottom Bitcoin formed at around $17,600.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading below a crucial level and will likely test the support at $19,200 in the coming days. The trend is still bearish, and even if we see some relief around $19,200, it is likely that the price will continue to drop. If that happens, we will be placing a short trade on Bitcoin below $19,200. It is likely that the price will create new bottom once it drops below this level.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Copy Trading
Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim a bonus of up to $7000 by using the promo code “bitcoinsensus50” with our link.
Claim up to $7000 in Bonus
Recommended Bitcoin Trading Platforms: