Bitcoin Technical Analysis Report | 21st-August-2023


Bitcoin aims to find stability around the $25,000 range, but trader sentiment has become pessimistic after a notable 11% decline this week. Despite finding some support near $25,000, many analysts anticipate a further decline towards the critical $20,000 mark. This implies that traders are currently adopting a risk-averse approach in the short term.

At the time of writing, BTC was trading at $26,160.

Bitcoin Daily Chart | 21st August 2023
Bitcoin (BTC) Chart

Bitcoin after making the high of $31,804 witnessed some profit booking and the prices dropped to $28,585. The asset then started consolidating and was trading sideways in a range from $28,750 to $30,000 and was taking good support at $28,500. However, last week, BTC gave a breakout below the range and made a low of $25,166. 

Bitcoin has taken multiple supports in the past at the crucial level of $25,000 (Horizontal trendline & 50% Fibonacci Retracement). This time too, the prices have bounced slightly after testing the support and the lower longer shadow indicates buying around these levels. If it holds and sustains above $25k then we can expect the bulls to resume the up-move whereas a break and close below the support will lead to further downfall.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2.

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