Technical Analysis for BTCUSD for 31st August 2022
Bitcoin in range below $20.7k, Sellers Dominant
Past Performance of Bitcoin
Bitcoin prices are still in a tight range when writing, tethered around the psychological $20k mark as buyers attempt to soak in the deluge of selling pressure. Currently, BTC is stable and down six percent in the past week of trading despite the rejection of lower prices. As it is, sellers have the upper hand, and the price action is within a bear breakout formation with identifiable caps at $20.7k on the upper hand.
Bitcoin Technical Analysis
What to Expect from BTC
Fundamental and technical factors combine to pressurize BTC, reversing recent gains and supporting sellers. From the daily chart, bears will have the upper hand if prices are below $20.7k.
Resistance level to watch: $20.7k
Support level to watch: $19.7k
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