Bitcoin Price Prediction for Today August 31: BTC Price Is in a Confined Range as It Fluctuates Below $20K

Bitcoin Is in a Deadlock as It Fluctuates Below $20K – August 31, 2022

Bitcoin’s (BTC) price declines marginally as it fluctuates below $20K. The largest cryptocurrency is capable of a further downward move below the $19,540 support. In the same vein, Bitcoin may experience a price rebound which will signal the resumption of the uptrend.

Bitcoin Price Statistics Data:
•Bitcoin price now – $19,809.70
•Bitcoin market cap –$379,337,529,591
•Bitcoin circulating supply – 19,140,687.00 BTC
•Bitcoin total supply – $416,181,531,001
•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000

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Today, the cryptocurrency declined to the low of $19,646 and pulled back. Will sellers insist on sinking the largest cryptocurrency beyond the current support? It may be not  as Bitcoin declines. On August 30, BTC price slumped to the low of $19,574 as bulls bought the dips. Bitcoin rallied to the high of $20.495. On each occasion, the bears will sell the recent rally. On September 1, the BTC price dropped to the low of $19,581 and it corrected upward. Before the commencement of upward correction, Bitcoin will display long candlestick tail. The long candlestick tail indicates that there is strong buying pressure at that support level.

Thailand SEC to Apply Strict Guidelines for Crypto Adverts

By October 2022, Thailand’s Securities and Exchange Commission (SEC) will execute stringent advertising rules for cryptocurrency firms operating in the country. Thailand SEC will ensure that firms are to refrain from advertising false, misleading, or exaggerated claims and include investment risk warnings. SEC also calls for balanced advertising, which would entail including potential positive and negative factors of the products or services being promoted.

Firms will have to limit advertising directly promoting cryptocurrency to “official channels” like their own websites and will be required to hand over details of adverts and spending, including the use of social media influencers and bloggers and their terms, to the SEC. 

BTC/USD – Weekly Chart

Meanwhile, Bitcoin is trading marginally, and it fluctuates below $20K. The cryptocurrency will trend when the range-bound levels are breached. It is at level 35 of the Relative Strength Index for period 14. It indicates that the market is approaching the oversold region.

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