Advertisement
AD

Main navigation

Advertisement
Advertisement

Bitcoin (BTC) Price Analysis for August 16

Advertisement
Wed, 16/08/2023 - 15:50
Bitcoin (BTC) Price Analysis for August 16
Cover image via www.tradingview.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Buyers could not hold the initiative for a long time and most of the coins are again in the red zone.

Advertisement

Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has fallen by 1% over the last 24 hours.

BTC/USD chart by TradingView

Image by TradingView

On the hourly chart, the rate of Bitcoin (BTC) has set the local support level at $29,017. If the the bar closes above the $29,000 zone, there is a chance to see a local bounce back to the $29,200 mark soon.

BTC/USD chart by TradingView

Image by TradingView

On the daily time frame, the rate of BTC is trading sideways as the price is far from the support and from the resistance. However, if the drop continues to the $28,750 mark, the accumulated energy might be enough for a move to the $28,000 zone shortly.

BTC/USD chart by TradingView

Image by TradingView

From the mid-term point of view, the situation is also rather bearish than bullish as the rate of BTC is on the way to test the support at $28,667.

Related

If the breakout happens, the decline may lead to the test of the $27,500-$28,000 range until the end of the month.

Bitcoin is trading at $29,113 at press time.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD