Bitcoin (BTC) Price Analysis: Sideways Movement Continues Over Weekend (05-Sep)
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $19,800 mark and has not moved much since our last analysis. The price did not make any significant moves during the weekend and is still moving within the same consolidation zone. As mentioned in our previous analyses, the price is now at a crucial stage and will likely drop further in the coming days. The macro trend is still bearish, and we can expect BTC to retest new lows before it starts moving towards higher levels once again. Let’s take a quick look at the latest Bitcoin charts to see where the price is headed next in the coming days.
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Analyzing the Charts
If we take a look at the latest Bitcoin charts, we can see that the price is currently holding the support at $19,600. It is not the strongest support level for BTC, and the price could drop further in the coming hours.
On the other hand, the resistance we are eyeing for Bitcoin is still the $20,600 mark. It is a level that was previously acting as major support, and the bulls are struggling to get above it.
Once the price breaks below $19,600 in the coming hours, the next major level we will be watching is the $19,200 mark. It is an important zone that has acted as a major support in the past, and we can expect BTC to find some relief near this level.
It is also possible that the price won’t bounce from this level, and we will see the price head towards $17,600, which is the previous lowest level for Bitcoin.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading just below $20,000 and will likely drop further in the coming hours. The price has been moving within the same zone for a week now and will eventually break below in the next day or so. We are now eyeing the lower levels for Bitcoin and will be interested in accumulating more BTC throughout this downtrend.
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