Bitcoin (BTC) Price Analysis for August 31
The market is trading sideways today, according to the CoinMarketCap ranking.
BTC/USD
The rate of Bitcoin (BTC) has fallen by 0.63% over the last 24 hours.
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.
In this case, consolidation in the range of $21,100-$21,300 is the more likely scenario until tomorrow.
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.
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.