Bitcoin (BTC) Prediction for August 24

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Bulls are more powerful than bears on Saturday, according to CoinStats.

BTC chart by CoinStats

BTC/USD

The price of Bitcoin (BTC) has gone up by 5% since yesterday.

Image by TradingView

On the hourly chart, the rate of BTC is in the middle of the narrow channel between the support of $63,676 and the resistance of $64,460. If the rise continues to the upper line, one can expect a breakout followed by a blast to the $65,000 area.

Image by TradingView

On the daily time frame, the price of the main crypto is trading within yesterday's bar. However, if it closes above it and with no long wick, the energy might be enough for a test of the $67,000-$69,000 range.

Image by TradingView

From the midterm point of view, the rate is far from the important levels. In this case, any sharp moves are unlikely to happen soon.

All in all, sideways trading in the area of $63,000-$68,000 is the more likely scenario.

Bitcoin is trading at $64,167 at press time.