Bitcoin (BTC), XRP, Ethereum and Shiba Inu (SHIB) Price Analysis for August 31: Is It Bulls' Last Chance?

After an aggressive August breakout, Bitcoin is consolidating, but because it is still well above the 200-day moving average, the daily structure remains heavily biased in favor of buyers. After peaking just above $81,000, Bitcoin is currently trading at about $78,840. The move started at about $63,000, so Bitcoin gained almost 30% before facing significant resistance. 

Sellers have not produced a significant retracement despite multiple erratic sessions near $80,000. The recovery of the 200-day moving average continues to be the strongest technical development. The rapidly rising 20-day EMA has reached roughly $72,250, while this indicator is currently at about $72,180. Their convergence around $72,000 establishes a crucial support area. 

Bitcoin's consolidation isn't stopping yet

Additionally, Bitcoin is trading well above its 50-day and 100-day moving averages, which are currently at $68,680 and $67,300, respectively. In addition to confirming the breakout's strength, the separation demonstrates how far Bitcoin has risen in a comparatively short amount of time. 

The RSI is still high at about 72.5. Bitcoin is still technically overbought even though it has decreased from its recent peak. This allows for more consolidation prior to another sustainable leg higher.