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Bitcoin Price Analysis: Where is BTC Price Going Next?

The Bitcoin price seems to be not in the mood of showing a strong price increase. At the time of writing, the Bitcoin price is sitting at $11,419.57 and it has increased by merely +0.07% in the last 24 hours […]

Prasanna Peshkar

Prasanna Peshkar

August 28, 2020 1:07 PM

Bitcoin Price Analysis: Where is BTC Price Going Next?

The Bitcoin price seems to be not in the mood of showing a strong price increase. At the time of writing, the Bitcoin price is sitting at $11,419.57 and it has increased by merely +0.07% in the last 24 hours and again decreased by almost -0.5% in the last 1 hour. Where is the Bitcoin price going next? Let’s take a look at it in more detail.

Bitcoin Price Analysis: The BTC Price is in a Decision Making Phase

Bitcoin Price Analysis: BTC/USD Weekly Chart: Tradingview

In the last 24 hrs, initially, it seems that the Bitcoin price was trying to go past the $11,600 mark after some good news from Federal Reserve but this price growth didn’t last for longer than a few minutes and now Bitcoin price is down and again sitting at $11,376. Now, the 1Hr Low is at $11,211 and 1Hr High is at $11,460 and as mentioned earlier, the BTC price has decreased by almost 0.5% in the last 1 hour.

Now, it is necessary to bear in mind that Bitcoin is growing bullishly this year and looks very good in the medium to long term. However, we can only find another bull run if the Bitcoin price manages to break the important resistances. The thing with BTC/USD price is that it was able to break the $12,000 mark twice but both the times it declined after displaying the bullish momentum.

So, Bitcoin price must crack the $12,000 mark and need to stay above $12,000 consistently so that it can touch the golden ratio at $13,800. Right now, it seems that the Bitcoin price is in a decision-making phase. The key metrics are as follows:

Price $11,419.57
24hr Change +0.07%
24hr Vol $2,269,230,872
Liquid Marketcap $211,178,787,637
Liquid Supply 18,472,676

Bitcoin Price Analysis: The BTC Price has multiple important resistance levels

Bitcoin Price Analysis: BTC/USD Monthly Chart: Tradingview

At the moment, if we closely observe then it seems that the Bitcoin price is testing the $11,450 level and if we closely analyze the daily price chart then at the moment the BTC/USD price has multiple resistance levels. The most crucial levels are:

At the moment, the first three candlesticks seem to be pushing Bitcoin price towards the 0.382 Fib level and if it touches the first Fib level then it could be a positive sign for the BTC price. The overall attitude of Bitcoin price continues to be certain despite the recent downtrend.

Conclusion

The next 5 days could be extremely crucial for Bitcoin price. If BTC price fails to break the first two resistances in the next five days, the Bitcoin price may move back to the $11,000 mark or it may just sit between $11,300 – $11,400 price range.

Prasanna Peshkar
Article By

Prasanna Peshkar

Prasanna Peshkar is a seasoned writer and analyst specializing in cryptocurrency and blockchain technology. With a focus on delivering insightful commentary and analysis, Prasanna serves as a writer and analyst at CryptoTicker, assisting readers in navigating the complexities of the cryptocurrency market.

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