Bitcoin (BTC) Price Prediction – August 31, 2020
Today, Bitcoin fell and found support above $11,600 after buyers failed to clear the $11,500 to $11,700 resistance zone. BTC/USD price fluctuated above $11,500 for three days before breaking upward. A retest at the $12,000 resistance would have been possible if the bulls clear the resistance zone.
Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000
The king coin retraces to $11,600 support as price resumes upward. The upside momentum of Bitcoin has been possible because of the support levels of $11,200, $11,400, and $11,600. Each time Bitcoin price falls, the coin will find support above these levels. For instance, during the last breakdown on August 25 and 27, BTC found support above $11,200. Today, BTC is fluctuating between $11,200 and $11,800 for the upside range price movement.
Since August 20, buyers have been able to retest the $11,800 resistance twice. Nevertheless, if the bulls clear the $11,800 resistance, a retest at the 12,000 resistance is possible. Alternatively, a strong bounce above the $11,600 support will propel price to break the $11,800 resistance and the momentum will extend to retest the $12,000 overhead resistance.
Japanese Crypto Traders Dump XRP and MONA for Bitcoin (BTC)
According to the data published from the Japan Virtual Crypto Assets Exchange Association (JVCEA), Japanese traders prefer Bitcoin to other altcoins. Bitcoin dominance above altcoins reached 87% in April. No other altcoin accounted for more than 6% of monthly traded volume. According to a market analyst, Yuya Hasegawa, he said: “It seems like Japanese investors’ overall interest in altcoins has been shrinking over time relative to their interests in Bitcoin. Given the growth in the number of active accounts, the vast majority of the newer market participants in Japan, particularly since last summer, are likely to be interested only in Bitcoin.”
According to the analysts, XRP appears to be the biggest loser to investors among the Japanese traders. XRP earlier accounted for 40% of the monthly traded volume but the number has dropped to less than 5 % in April. According to data from CoinMarketCap, Bitcoin roughly represent 58% of the $373.6 billion combined crypto capitalization, its lowest point in 12 months.
Bitcoin is recovering from the earlier downward move. Buyers have two hurdles to jump over : the hurdles at $12,000 and $12,400. From the chart analysis, Bitcoin has a target price of $14,500, if the bulls clear the $11,800 to $12,000 resistance zone and the $12,400 high.