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Bitcoin (BTC) Price Analysis for August 1

Price Predictions
Sun, 08/01/2021 - 14:18
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Denys Serhiichuk
Can bulls manage to get Bitcoin (BTC) to $50,000 by the end of August?
Bitcoin (BTC) Price Analysis for August 1
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The first day of August has begun positively for the cryptocurrency market as all of the top 10 coins are in the green zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The passing week has been positive for Bitcoin (BTC) as its rate has risen by 21%.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) set the local peak at around $42,614, followed by a short-term decline. After testing the liquidity zone at $41,800, bulls are trying to come back, accompanied by increasing trading volume.

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If they can manage to break the local resistance, there are chances to get to $43,000 by the end of the day.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the bigger time frame, the chief crypto is stuck between the support at $41,000 and resistance at $42,335. The trading volume has declined, which means that traders are still accumulating power for a price blast. If they break the resistance, the next level of $43,700 may be attained by the end of the next week.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

According to the weekly chart, Bitcoin (BTC) is about to break the resistance at $42,300 as bears are not showing any efforts to push the rate down. If the breakout occurs, the next area at which sellers can get back in the game is $47,000.

Bitcoin is trading at $41,821 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.