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Bitcoin (BTC) Price Analysis for September 4

Bitcoin

u.today 04 September 2022 11:58, UTC
  
Reading time: ~2 m

The last day of the week is likely to be bullish for the cryptocurrency market as most of the coins are going up.

Top coins by CoinMarketCap

BTC/USD

Even though most of the coins are in the green zone, the rate of Bitcoin (BTC) has declined by 1.21% over the last week.

BTC/USD chart by TradingView

Bitcoin (BTC) is trading near the local resistance level at $19,832 against the low volume. If buyers can hold the initiative until the end of the day, there is a chance to see a breakout.

However, one should also pay attention to the CME gap at the $19,775 mark.

BTC/USD chart by TradingView

On the daily time frame, Bitcoin (BTC) has made a false breakout of yesterday's low at $19,667. If the decline stops, one can expect a slight upward move to the vital zone of around $20,000 next week.

BTC/USD chart by TradingView

On the bigger chart, the situation is worse as Bitcoin (BTC) is trading below $20,000. If a breakout of the nearest support level at $19,526 happens and the candle closes below it, the next area where buyers can try again to seize the initiative is the zone around $18,900.

Bitcoin is trading at $19,776 at press time.


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