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


Bitcoin (BTC) is retaining this week’s gains, with some traders doubling down on their bullish BTC price bets.

BTC/USD 1-hour chart with 200-day EMA. Source: TradingView

Trader: Bitcoin price may have bottomed

A key moving average is buoying low-timeframe BTC price action, which continues to preserve $27,000, data from Cointelegraph Markets Pro and TradingView shows.

Bitcoin may have retraced from its local highs above $28,000, but bears have not yet sparked a full retrace of the move.

For some, this is increasingly positive news, as BTC/USD is now successfully holding a long-term trend line lost as support earlier in August.

This comes in the form of the 200-day exponential moving average (EMA), currently at $27,180.

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.

“Bitcoin is back above the daily EMA 200-Line,” popular trader Moustache told X subscribers.

“A lot of people are waiting for a better entry, but I don’t think it’s going to happen.”

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