Bitcoin drops to $20K as August comes to an end

Bitcoin price analysis for August 27, 2022, comes on a bearish note for the world’s biggest cryptocurrency as the chances of making higher highs have increased recently. Interestingly, with the bears in control of the price movement and a 5.65% drop in the last 24 hours, it seems that the bearish trend in the market might continue to dominate. Moreover, with the selling pressure considerably high in the market, investors can expect BTC to retest the nearest support at the $19K price region if the $20K level doesn’t hold.

As noted in our BTC price analysis for August 26, 2022, the world’s leading crypto Bitcoin (BTC) might attempt to breach the $22K but it failed to hold above the $21K price level which means that investors might witness another bearish drop in the near future as market remains in red.

The data from CoinMarketCap shows that the trading volume of the token surged by 38.01% in the last 24 hours, followed by a 5.55% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.1102, while the Market Dominance rose to 39.80%.

The daily candle for the token opened at a price of $20239 and reached a daily high of $20402. On the other hand, the daily low for Bitcoin stands at a price of $20141. The price of 1 Bitcoin at the time of writing is $20266.

Bitcoin price analysis for August 27 on the daily chart

Bitcoin price analysis for August 27, 2022, will consider the data from the daily chart below with three major indicators integrated into it.

Source: TradingView

The RSI indicator reads a value below 33 which means that the price action of Bitcoin is entering the oversold region.

The MACD line remains below the signal line and is once again moving away from it due to selling pressure increasing.

The price action for Bitcoin is retesting the lower end of the Bollinger Bands and a bearish outbreak is possible.

Conclusion

Bitcoin price analysis for August 27, 2022, ends on a bearish note for BTC as it might retest $19K price level.