Why Bitcoin Price is Falling: Here is the BTC Price Prediction for August 2023

The post Why Bitcoin Price is Falling: Here is the BTC Price Prediction for August 2023 appeared first on Coinpedia Fintech News

The bitcoin price fell below $29,000 a couple of hours ago, displaying acute weakness. The price has regained its levels above $29,000, but the strength among the bulls remains depleted. Therefore, even if the price reaches $30,000, the possibility of a bearish pullback still looms over the tokens. August, which has historically been somewhat bullish, could record yet another bearish close if uncertainty prevails.

After failing to rise above the crucial resistance at 50-day MA levels, the price dropped and is currently testing major support at 100-day MA levels. Besides, after the recent crash, the token has reached a crucial juncture that carries the probability of a bullish reversal if the bulls display some strength. Else, a bearish wave may occur, leading to a price drop below $27,800 in the rest of the month.

As mentioned in the previous analysis, Bitcoin continues to trade within the falling wedge but is currently testing one of the crucial levels located at the lower support of the wedge. The falling wedge contracts the resistance and support levels, which compresses the price to a large extent, resulting in a massive explosion. However, the direction of the breakout is largely towards the north, but the extensive selling pressure may pave the way for a breakdown towards the lower support.

Besides, the RSI, which is considered to judge the momentum of the rally, indicates whether the price is at overbought or oversold levels. Currently, the levels are heading towards oversold levels, suggesting the price may continue to shed gains to reach the lower support. However, a rebound could be imminent after marking the lows, which may lift the price slightly. Collectively, August may remain largely bearish, with the price maintaining a narrow trend along the lower levels.

Therefore, the Bitcoin price prediction for August 2023 could be around $28,322.78 to $28,845.92. However, in the case of an extended bullish trend, the levels may get raised to $29,200 by the end.