Bitcoin (BTC) Price Analysis for August 29

The new week has started with the cryptocurrency market’s bounce back as most of the coins are in the green zone, XRP and DOGE are the only exceptions here, demonstrating a fall by 2.22 percent and 0.16 percent respectively.

BTC/USD

The Bitcoin (BTC) price has increased by 1.23 percent over the last day.

On the hourly chart, Bitcoin (BTC) is trading above the local resistance level at $19,942. If the exchange rate does not come back to that level, there are high chances to see a further upward move to the $20,700 mark.

On the bigger time frame, Bitcoin (BTC) has broken the vital $20,000 mark. At the moment, one needs to pay close attention to the daily closure of the leading cryptocurrency. If the price remains above yesterday’s peak at $20,159, the rise may continue.

On the weekly chart, it is too early to make any price projections. However, if bulls can hold the $19,500 level, the bounce off can continue until mid-September. On top of that, bulls can come back to the game if they restore the rate to the mirror level at $20,700.

Bitcoin is trading at $20,175 at press time.

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