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<div class="sg-post-des">
  BTC price action is all about the 200-day moving average into the monthly close, with opinions on the outlook increasingly polarized. 
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<div class="cointelegraph">
 <p>Bitcoin (BTC) is retaining this week’s gains, with some <a rel="dofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a>s doubling down on their bullish BTC <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> bets.</p>
 <figure>
  <img src="https://cdn.thebittimes.com/images/2023/08/31/230383368f5c4a5976dee4dc65ac7b20.webp">
  <figcaption style="text-align: center;">
   <em>BTC/USD 1-hour chart with 200-day EMA. Source: TradingView</em>
  </figcaption>
 </figure>
 <h2 id="trader-bitcoin-price-may-have-bottomed">Trader: Bitcoin price may have bottomed</h2>
 <p>A key moving average is buoying low-timeframe BTC <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> action, which continues to preserve $27,000, data from Cointelegraph Markets Pro and TradingView shows.</p>
 <p>Bitcoin may have retraced from its local highs above $28,000, but bears have not yet sparked a full retrace of the move.</p>
 <p>For some, this is increasingly positive news, as BTC/USD is now successfully holding a long-term <a rel="dofollow" title="trend" href="https://thebittimes.com/tag/trend.html">trend</a> line lost as support earlier in August.</p>
 <p>This comes in the form of the <a rel="dofollow" title="200-day" href="https://thebittimes.com/tag/200-day.html">200-day</a> exponential moving average (EMA), currently at $27,180.</p>
 <p>Some hourly candles closing below into Aug. 31 were not enough to spark a more significant breakdown, and Bitcoin is tightly hugging the 200-day EMA into the August monthly close.</p>
 <p>“Bitcoin is back above the daily EMA 200-Line,” popular trader Moustache told X subscribers. </p>
 <blockquote>
  “A lot of people are waiting for a better entry, but I don't think it's going to happen.”
 </blockquote>
 <figure>
  <img src="https://cdn.thebittimes.com/images/2023/08/31/d25e33a5fdcded74ed1f9a67ecb1b25f.webp">
  <figcaption style="text-align: center;">
   <em>BTC/USD annotated chart with 200-day EMA. Source: Moustache/X</em>
  </figcaption>
 </figure>
 <p>That perspective contrasts strongly with the slew of more bearish market takes from various well-known sources, many of which call for a return to $25,000 or lower.</p>
 <p>Still optimistic, however, is fellow trader Jelle, who likewise placed significance on Bitcoin holding above $27,000.</p>
 <p>“This is exactly what I want to see after an impulse. Spike up, shallow retrace, hold at key HTF level. Send it higher,” he summarized on Aug. 30.</p>
 <p>A subsequent update revealed plans for longs in preparation for BTC/USD “taking out” local highs.</p>
 <h2 id="btc-price-outlooks-diverge">BTC price outlooks diverge</h2>
 <p>As Cointelegraph reported, BTC price action has yet to reclaim some other bull market moving averages from earlier in the month.</p>
 <p><strong><em>Related:&nbsp;Bitcoin metric with ‘100% long hit rate’ predicts $23K BTC price floor</em></strong></p>
 <p>Trader and analyst Rekt Capital, cautious in the current climate, noted overnight that some of these are now acting as resistance.</p>
 <figure>
  <img src="https://cdn.thebittimes.com/images/2023/08/31/625f3197d3cbfd0fa0ff9c52738d5e8b.webp">
  <figcaption style="text-align: center;">
   <em>BTC/USD annotated chart. Source: Rekt Capital/X</em>
  </figcaption>
 </figure>
 <p>Continuing on the day, monitoring resource Material Indicators likewise warned that Bitcoin could come full circle, and that a “resurgence in bullish sentiment” was required for a higher local high.</p>
 <p>Based on signals from its proprietary trading tools, Material Indicators flagged $27,760 and $24,750 as the upside and downside levels to watch, respectively.</p>
 <p class="post-content__disclaimer">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. </p>
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-holds-200-day-trend-line-as-trader-predicts-low-is-in-tbt61046.html">https://thebittimes.com/bitcoin-price-holds-200-day-trend-line-as-trader-predicts-low-is-in-tbt61046.html</a></p>

Bitcoin price holds 200-day trend line as trader predicts low is in

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