After falling 4% in July, Bitcoin entered a tight range in August. This suggests that the bulls and the bears are uncertain about the next directional move. A minor positive for the bulls is that they have not given up much ground from the local high of $31,862 made on July 13. This suggests that several traders are holding on to their positions as they anticipate the upmove to continue.

While the dull short-term price action has frustrated the traders, several long-term investors have shifted their focus to Bitcoin’s halving in 2024. Blockstream CEO Adam Back believes that Bitcoin will reach $100,000 before the next halving.

Bitcoin has been trading below the 20-day exponential moving average (EMA) for the past several days. But the bears have not been able to build upon this advantage and sink the price to the next support at $27,500. This suggests a lack of aggressive selling at lower levels. The 20-day EMA remains the key short-term resistance to watch out for.

If bulls overcome this barrier, the BTC/USD pair could rise to the 50-day simple moving average (SMA) and then sprint toward $31,050. The bears are again expected to mount a strong defense in the zone between $31,050 and $32,400. A break and close above this zone could start an uptrend toward $40,000 as there is no major resistance in between. On the downside, a drop and close below $28,477 could start a downward move toward $27,000.

Such a move will suggest that the pair could remain stuck inside the large range between $25,000 and $31,050 for a while longer.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!