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Bitcoin (BTC) Price Analysis for August 19

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Sat, 19/08/2023 - 13:21
Bitcoin (BTC) Price Analysis for August 19
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.

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Despite the sharp market drop, most of the coins keep trading in the red zone.

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Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has fallen by 2.12% over the last 24 hours.

BTC/USD chart by TradingView

Image by TradingView

On the hourly chart, the rate of Bitcoin (BTC) is in the middle of the narrow channel between the support at $25,798 and the resistance at $25,997.

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If buyers lose the $25,900 mark, the drop may continue to the $25,600-$25,700 area shortly.

BTC/USD chart by TradingView

Image by TradingView

On the bigger time frame, traders should pay attention to the mark of $26,000. If a false breakout of it happens and the bar closes above it, buyers may locally seize the initiative, which can lead to a bounce back to the $26,400 range soon.

BTC/USD chart by TradingView

Image by TradingView

From the midterm point of view, the price of BTC is on the way to test the local support level of $24,756. However, if the candle closes far from it, one can expect a correction to the $26,000 zone by the end of the month.

Bitcoin is trading at $25,882 at press time.

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