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Bitcoin (BTC) Price Analysis for August 14

Price Predictions
Sat, 08/14/2021 - 14:15
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Denys Serhiichuk
Can Bitcoin (BTC) get to $50,000 by the end of August 2021?
Bitcoin (BTC) Price Analysis for August 14
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 weekend has begun with continued bullish dominance; however, some coins are in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) could not follow the rise of the altcoins, and its rate has declined by 0.22% since yesterday, while the price change over the past seven days has been 5.95%.

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

On the hourly chart, Bitcoin (BTC) has almost reached the liquidity zone at around $45,900 where a bounceback has occurred. The decline was accompanied by a high selling trading volume, which means that bears may not have closed their positions yet.

Related
Bitcoin (BTC) Price Analysis for August 12

In this case, the more likely price action until the end of the day is a retest of the mirror level at $47,400.

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

On the longer time frame, the decline may continue if bears fix below the $46,500 mark until the end of the trading session. Respectively, the nearest level at which bulls may try to seize the initiative is the support at $45,676.

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

In the mid-term, the long-term scenario remains relevant. The trading volume has declined slightly, which might mean that traders are gathering power to keep the rise going. All in all, the level of $53,000 can work for buyers until the end of the month. However, if bears fix below $42,300 on the daily chart, the decline will be more likely to happen.

Bitcoin is trading at $46,421 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.