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Bitcoin (BTC) Price Analysis for August 12

Price Predictions
Thu, 08/12/2021 - 14:21
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Denys Serhiichuk
Can bears seize the initiative and get Bitcoin (BTC) back to $42,000?
Bitcoin (BTC) Price Analysis for August 12
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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Thursday has begun with a slight decline of the cryptocurrency market and, as a result, some coins have come back to the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) has almost touched the resistance at $47,000, followed by an ongoing decline. The fall has accounted for 3.50%.

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

On the hourly chart, Bitcoin (BTC) may have found the local bottom of the zone around $44,500, where the bounceback may occur. Thus, bears have run out of energy to keep pushing the rate deeper. In this case, one can expect a test of the liquidity area at $45,800 soon.

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

On the bigger time frame, Bitcoin (BTC) is also looking more bullish than bearish. The selling volume is decreasing, which means that bears are losing their power.

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There is also a high possibility of seeing a bounceback to the formed mirror level at $45,250 by the end of the day.

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

From the mid-term point of view, bulls keep controlling the situation on the market despite today's decline. The bullish scenario remains relevant until the main crypto is trading above the support at $42,335. In this case, if buyers break the nearest resistance at $47,000, they can lead the rate to $49,300.

Bitcoin is trading at $44,541 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.