Since the beginning of July, Bitcoin was growing bullish with the rest of the cryptocurrencies. The analysts were able to witness and predict a high trend for Bitcoin in near future.
However, things turned out to be completely opposite to what the analysts had predicted for Bitcoin in the first place.
Bitcoin’s High Trend Ended in August
Bitcoin entered the month of August on a high note. Many had hoped that the largest cryptocurrency would be able to make it through the $30k for the first time in months.
However, the predictions turned stale when the price of Bitcoin ended up falling lower. The major trend for Bitcoin ended during the running week when the price of Bitcoin fell at a fast rate.
The bears were able to pull its price lower at a strong pace aiming to bring it below the $20k.
Bulls Attempt to Form a Bottom
While the price of Bitcoin continued falling, the bulls were determined to display their acquisition power. They strongly defended Bitcoin, which was able to push back against the bears and stopped them from bringing Bitcoin’s price lower.
While the bears are attempting to bring Bitcoin’s price lower, the bulls are going with a different approach.
Their approach is to be able to form a bottom for Bitcoin, which would become a major stronghold against the selling pressure of the bears.
Price is moving within a Low-Level Ascending Channel
For the past few days, the bulls have been trying to push Bitcoin over the resistance level but to no avail. Instead, Bitcoin has been oscillating within a lower-level ascending channel before being shot down by the bears.
Short-Term Investors Booking Profits
As the price of Bitcoin is oscillating in a particular range, it seems to be portraying a loop. There is a high chance the short-term traders have identified the loop and are aiming for short-term gains.
Regardless of the short-term profit attempts, the trading price of Bitcoin has ended up falling below the moving averages.
The short-term profiting means that the investors are buying Bitcoin as it hits a low price and then selling it when it comes close to the resistance level.
Bullish Attempts
At the time of writing, the value of Bitcoin is above $21k and the bulls are attempting to bounce it off. If they are able to do it, then their attempt would be to push it over the 20-day EMA.
As of now, the 20-day EMA for Bitcoin is at $23,265 and if the bulls keep trying harder, then the Bitcoin price may rise over the resistance line.
Bearish Attempt
In the case where the bulls are powerless against the bears, then the trading price of Bitcoin may fall below $18,626.
