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  <p lang="en" dir="ltr">Bitcoin seriously challenging multi-contact point trendline from 2023 bottom. Move through Aug low would be bear signal or bear trap. $BTC pic.twitter.com/FR5eqwgJis</p>  
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  <p>— Peter Brandt (@PeterLBrandt) August 16, 2023</p> 
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 <p></p> 
 <p><span style="font-weight: 400;">However, there’s hope for Bitcoin enthusiasts. The $28,933.74 support level represents a crucial line of defense. If bears breach this level, the next support is around $28,800. Significantly, this level has historically acted as strong support and could attract buyers to prevent </span><span style="font-weight: 400;">further</span><span style="font-weight: 400;"> decline.</span></p>  
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 <p><span style="font-weight: 400;">Moreover, the market capitalization of </span><span style="font-weight: 400;">Bitcoin</span><span style="font-weight: 400;">&nbsp;has dipped by just 0.62% to $566,398,762,995 during this recession. In contrast, its 24-hour trading volume surged by 20.25% to $14,172,016,761. This indicates that there is still robust interest in BTC, even amid the bearish momentum.</span></p> 
 <h2 id="b-btc-usd-technical-indicators-b"><b>BTC/USD technical Indicators&nbsp;</b></h2> 
 <p><span style="font-weight: 400;">The stochastic RSI, with a reading of 19.40 and pointing downward, suggests that the bearish momentum is currently strong. Consequently, selling pressure may continue soon, pushing prices lower. However, a bullish reversal remains possible below the oversold threshold of 20.</span></p> 
 <p><img decoding="async" class="wp-image-156776 aligncenter" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20669%20374'%3E%3C/svg%3E" alt="" width="669" height="374" data-lazy-src="https://cdn.coingape.com/wp-content/uploads/2023/08/17005500/Screenshot-17.png"> 
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 <p style="text-align: center;"><span style="font-weight: 400;">Source-</span><span style="font-weight: 400;">TradingView</span></p>  
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 <p><span style="font-weight: 400;">Meanwhile, the </span><span style="font-weight: 400;">RSI,</span><span style="font-weight: 400;"> having shifted below its signal line with a reading of 42.93, indicates that the market sentiment leans towards bearishness. Hence, a further price decline may be anticipated as the RSI has not yet reached oversold levels.</span></p> 
 <p><span style="font-weight: 400;">Besides these, the Chaikin Money Flow (CMF), currently at a positive reading of 0.14, suggests that there is still some buying pressure in the market. This trend could drive a bullish reversal, as the buying pressure may increase prices.</span></p> 
 <h2 id="b-bullish-recovery-or-bearish-breakdown-b"><b>Bullish recovery or bearish breakdown?</b></h2> 
 <p><span style="font-weight: 400;">As Bitcoin tests the waters at this critical support level, a recovery hinges on how the cryptocurrency responds. If </span><span style="font-weight: 400;">BTC price </span><span style="font-weight: 400;">bounces back above the $29,200 resistance level, it may signal a shift in sentiment, attracting more buyers and leading to a bullish recovery. However, we may witness further price declines if the bears breach the $28,933.74 support level.</span></p> 
 <p><span style="font-weight: 400;">In conclusion, while the bearish momentum poses a challenge, the potential for a bullish rebound remains. By monitoring Bitcoin’s response to the current support levels, investors can better understand the cryptocurrency’s future trajectory.</span></p> 
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Bear Signal Or Bear Trap? BTC Price Faces Selling Pressure

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