Bitcoin (BTCUSD) Price Forecast: August 31
The BTCUSD pair turned positive today, the largest cryptocurrency might continue growing and the high buying pressure might reach the $32000.00 supply mark if buyers can put more aggression on the buying activities in the coin market. If this is achieved, the potential rally could raise the prices 40% higher to hit the upper trend line near $35000.00.
Key Levels:
Resistance Levels: $26000.00 $27000.00, $28000.00
Support Levels: $20000.00, $19000.00, $18000.00
BTC (USD) Long-term Trend: Bullish (Daily Chart)
BTCUSD remains bullish on the higher time frames. This is clear as we can see a high buying pressure trading above the moving average lines indicating an uptrend.
However, the previous action at the $26101.04 high level during yesterday’s session has really sustained the coin price to remain above the trend line in recent times.
The long-term traders made a move to a $27200.00 high mark above the EMA-9 as the daily session opens today. This suggests that traders are buying at this level.
Thus, it is very likely that the buying pressure will continue rising and this may lead to the retest of $26101.04 previous high value which could further invalidate any bearish thesis in the future.
Notably, the price of Bitcoin shows an upward continuation on the daily signal, as a result, the buying pressure might reach a $35000.00 high level soon in its higher time forecast.
BTC (USD) Medium-term Trend: Bullish (4H Chart)
The price of BTCUSD can now be seen progressing upward above the moving averages with a high buying pressure on the medium-term outlook. This shows that buyers are currently gaining more strength in the market.
Amid the recent growth in the crypto market, the Bitcoin buyers provided a bullish breakout from $2503.18 support to a $27200.00 high value, paving the way for further recovery in the near future. Thus, a break above the $26101.04 supply mark will put further selling pressure into hibernation.
Adding to that, there is a possibility of further increase in the price of Bitcoin as suggested by the daily stochastic, hence, a psychological key level of $35000.00 might be reached soon in its medium-term time frame.
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