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Bitcoin (BTC) Price Analysis for August 3

Price Predictions
Tue, 08/03/2021 - 15:51
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Denys Serhiichuk
Can Bitcoin (BTC) get back to $40,000 after a test of $37,000?
Bitcoin (BTC) Price Analysis for August 3
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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Bulls could not keep the growth going, so sellers have seized the initiative. As a result, all of the top 10 coins are in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Yesterday morning, buyers tried to restore the Bitcoin (BTC) price, but they failed to overcome the psychological resistance of $40,000.

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

In the evening, bears intensified the onslaught and continued the decline in the price of Bitcoin. As of this morning, sellers tested the level of $38,500 and, during the day, the pair may reach the nearest support at the $37,150 level.

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

On the 4H chart, Bitcoin (BTC) is trying to bounce back after a test of the $37,700 level. Even though it is too early to think about mid-term growth, there is a good chance of seeing a retest of the liquidity level around $39,500.

Related
Bitcoin (BTC) Price Analysis for August 1

Such a statement is supported by the increasing trading volume.

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

On the bigger time frame, the chief crypto has bounced back to the recently formed level of $38,400. If bulls can hold this level, they can get back to the resistance at around $39,200. In another scenario, the fall may continue to the far support at $36,000.

Bitcoin is trading at $38,419 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.