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The price of Bitcoin (BTC) is approaching the last weekly candle for the month of August. Some traders believe Bitcoin’s performance over the next two weeks could decide whether its price drops below $10,000 again or sees an extended uptrend.

The week’s weekly candle close coincides with the expiration of CME’s Bitcoin futures contracts and Deribit’s options contracts. It could potentially set a precedent for September, especially if Bitcoin closes above or below key levels.

In the short term, technical analysts generally consider $11,800 as the key level for Bitcoin. A high time frame close below the level would raise the chances of a deeper pullback. A close above it, maintaining a green monthly candle, could cause Bitcoin to see another leg up.

Mohit Sorout, a founding partner at Bitazu Capital, said in a tweet that a rally to $11,800 would “put sellers to sleep.” Sorout referred to the daily chart of Bitcoin with Bollinger Bands, showing the area of interest for both sellers and buyers.

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@ClDvor posted 2 years ago

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Very informative, i hope it keep appreciating

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2 years ago

I fear that the dream of BTC hitting the $12,000 mark may just be fading away. I just hope the tide turns soonest as the price has been dipping more than it has been rising in the past few days.

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User's avatar M3i
2 years ago

Nice and informative. We hope the value will appreciate. Keep it bro

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2 years ago

nice. at least we hope the price will stop the fluctations

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2 years ago

It up and down for every second and minutes.Thank for explain it very easily dear sir.Keep writing like this so that we learn something. We are greatful to you sir☺💜

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2 years ago

Thanks for you this kind of information ❤

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2 years ago