Analysis of the Bitcoin Market As Of August

As we can see there is a positive change in the Bitcoin market between early and late August 2024. The entire cryptocurrency market and not just Bitcoin has been experiencing a consolidation after the fall in price of the market which we saw Bitcoin trading at the range of $54k. As of the time of writing this post, Bitcoin (BTC) is experiencing a period of consolidation after the market failed to break above the $64,000 resistance level it hit on 23rd August 2024.

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From the chart, you will know that Bitcoin broke through the resistance level of $62,000 while many other cryptocurrencies like our dear STEEM broke a resistance level of $0.1902 which means its next resistance level to break is $0.2. Well, this analysis is for Bitcoin, but I chip into STEEM because all other cryptocurrencies are influenced by the price of Bitcoin.

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Without further ado, as of the time of writing, Bitcoin price is trading around $63,000 which means the market is facing a significant selling pressure by sellers. Well, I believe if a strong support level could be from around $62k - 63k then we should be expecting to see Bitcoin at $65k - $66k. The selling pressure contributed to a 6% drop from its recent high of $64,935.00.

The price of Bitcoin and all other cryptocurrencies are being influenced by so many factors, which as of last month there was a significant sell-off that emerged in the entire crypto market, causing a bearish market. Now from the screenshot image below, you will see what the technical indicator (Fibonacci) is suggesting.

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Based on my analysis the Fibonacci indicator is suggesting a new resistance level at $65,000 and unless the price of Bitcoin (BTC) can break through the resistance level, it may face a downside movement with a support level of around $60,0000.

However, we might not see that now, as external factors government policy, and economic uncertainties have a positive or negative impact on the market. Although, Bitcoin remains the most valuable cryptocurrency with the highest market capitalization.

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Disclaimer

_{From the chart of Bitcoin, we have seen how resilient Bitcoin has proven to be, despite its previous challenges. Having said that you should always do your analysis before entering the market as this post is only written based on my view which is dedicated to serving you as educational content.}