Bitcoin has broken out from a short-term resistance level but is still trading inside a longer-term corrective pattern

Bitcoin News Aug 25, 2022 430

Bitcoin(BTC) continues consolidating close to $21,000 after falling from the local high.

Bitcoin has broken out from a short-term resistance level but is still trading inside a longer-term corrective pattern

Bitcoin has been trading inside a climbing equal channel since June 18, when it arrived at a low of $17,622. Climbing equal channels as a rule contain corrective movements. In this way, a possible breakdown from appearing to be the most probable situation.

Bitcoin price today is $21,373.32 USD with a 24-hour trading volume of $31,099,221,257 USD. Bitcoin is up 0.08% in the last 24 hours. The current CoinMarketCap ranking is #1, with a live market cap of $408,883,197,901 USD. It has a circulating supply of 19,130,543 BTC coins and a max. supply of 21,000,000 BTC coins.

Source : CoinMarketCap

BTC Price statistics price change of 24h is -$27.22 of 0.13%, 24h low of $21,195.01 and 24h high is $21,646.20 with 39.85% Market Dominance a decrease of 0.27% over the day.

The global crypto market cap is $1.03T, a 0.64% increase over the last day The total crypto market volume over the last 24 hours is $67.79B, which makes a 3.04% decrease. The total volume in DeFi is currently $4.91B, 7.24% of the total crypto market 24-hour volume. The volume of all stablecoins is now $62.00B, which is 91.45% of the total crypto market's 24-hour volume.

The six-hour RSI is giving a bullish perusing since it has moved beyond its oversold domain. The last time this happened (green symbol), it led to a critical vertical development in the price.

While the RSI has made a higher low, the price has done the same, subsequently, there is no bullish uniqueness present. In this way, whether BTC figures out how to move over the midline of the channel or separates underneath its helpline will probably decide the heading of the pattern.

Source : BTC/USDT Chart By TradingView

The two-hour graph shows that BTC has broken out from a slipping opposition line that had been in place since Aug. 15. Presently, it is currently approving it as support, after which the vertical movement might proceed.

In the event that a bounce back in price follows, the nearest opposition area would be found at $22,470. This target is the 0.382 Fib retracement resistance level.