Bitcoin (BTC) Price Analysis for September 1

Has Bitcoin (BTC) gathered enough power to aim at the $50,000 mark?

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While the altcoins keep going up, the rate of Bitcoin (BTC) remains in the same place.

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The rate of Bitcoin (BTC) has gone down by 0.55% over the last 24 hours; however, bears have not seized the initiative yet.

BTC/USD 1-hour chart

BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) tested the formed mirror level at $47,460 and bounced off. There is a low chance that the decline will continue as the chief crypto has run out of power for a further drop while facing a strong leveling. In this case, the more likely scenario is a rise to the local resistance at $48,100.

BTC/USD 4-hour chart

BTC/USD chart by TradingView

On the 4H chart, Bitcoin (BTC) could not fix above $48,000, followed by an ongoing short-term decrease. The selling trading volume is going down, which means that buyers have the chance to make a reversal in the zone at $47,200 where most of the liquidity is focused.

BTC/USD 1-day chart

BTC/USD chart by TradingView

On the bigger time frame, the main coin is trading in a sideways trend as neither bulls nor bears have seized the initiative. Buyers can become more powerful only if BTC breaks the resistance at $49,800 and fixes above it.

Bitcoin is trading at $47,477 at press time.

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at [email protected]