Bitcoin Price Analysis:  Orbiting 26034 Level – 27 August 2023

Bitcoin (BTC/USD) remained confined to a tight range early in the Asian session as the pair orbited the 26034.43 area, right around the 38.2% retracement of the appreciating range from 25610 to 26296.78.  Price activity spiked to test the 26296 area before coming off to the 25750 area, representing a test of the 78.6% retracement of the same appreciating range.   During a recent appreciation, Stops were elected above the 28778.57 area, a level that represents the 50% retracement of the depreciating range from 31862.21 to 21694.92.  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, upside price objectives include the 30526, 30611, 30762, and 31145 areas. 

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Author: Sally Ho

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