Bitcoin (BTC) price has remained stuck in a narrow range between $28,000 and $29,000 over the past few weeks.
In August, BTC outperformed the stock market S&P 500.
The world’s largest cryptocurrency Bitcoin (BTC) has been trading in a tight range between $28,000 and $29,000 over the past few weeks, according to popular analytics firm Santiment. However, even with this bearish momentum, Bitcoin is still outperforming the stock market S&P 500. Bitcoin’s trading price recovered slightly yesterday after hitting a weekly low of $29,088.
In the first half of August, Bitcoin was trading up 1.0% while the S&P 500 was down 3.3%. Despite the lackluster momentum, Bitcoin still outperformed the S&P 500. However, Bitcoin is still struggling to break through the next resistance level of $30,000.
Bitcoin (BTC) Price Analysis: 24-Hour Time Frame
As of writing, Bitcoin is trading at $29,168, down 0.57% over the past 24 hours. However, BTC’s trading volume has increased by 8.55%, according to CoinMarketCap.
The daily trading price chart shows that BTC is in a bearish momentum, with the price currently below the 50-day exponential moving average (50 EMA). In addition, according to the RSI indicator, BTC is in a neutral position and is approaching the oversold area.
The data shows that if Bitcoin experiences bullish momentum, it will touch the nearest resistance level of $29,500. If the trend continues, the price will break the $30,000 mark and even surpass $30,500. On the other hand, if BTC fails to surpass the nearest resistance level of $29,500, it may start another decline. Moreover, it will fall all the way below the $28,410 support level and if the bearish momentum continues, BTC will trade below the $28,000 mark. Do you think there will be an uptick in BTC?