Bitcoin Price Analysis:  Bears Eyeing 25363 – 29 August 2023

Bitcoin (BTC/USD) retained a bearish bias early in the Asian session as the pair continued to plumb lows following selling pressure that intensified around the 26171.87 area after sellers emerged around the 26818.28 area, representing the 23.6% retracement of the depreciating range from 31862.21 to 25234.76.   Some selling pressure reversed around the 25850 area, just above the 25842 area that represents a recent upside price objective related to buying pressure around the 25350 area.   Stops are cited below the 25706, 25698, 25645, 25493, and 25363 levels, downside price objectives related to selling pressure around the 26818 and 26567 areas.  Areas of technical support and potential buying pressure in appreciating ranges from the 15460 and 19568.52 levels include the 23661, 22793, and 21725 levels.   Following recent selling pressure, areas of technical resistance and potential selling pressure include the 27139, 27728, 27766, 28316, 28548, 29154, 29330, and 30443 levels. 

The recent fresh multi-month low around the 25234.76 area represented a test of a major downside price objective around the 25128.94 area that is associated with selling pressure that increased around the 31862.21 and 30421.29 levels in July.   Above the market, up

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Author: Sally Ho

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