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Bitcoin (BTC) Price Analysis for August 5

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Fri, 5/08/2022 - 15:59
Bitcoin (BTC) Price Analysis for August 5
Cover image via www.tradingview.com

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Bulls keep setting coins to new local peaks, according to CoinMarketCap rankings.

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Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has risen by 1.32% over the last 24 hours.

BTC/USD chart by TradingView

On the local chart, Bitcoin (BTC) is stuck between the support level at $22,928 and the resistance at $23,427.

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The volume has declined, which means that one should not expect any sharp moves until the end of the day.

BTC/USD chart by TradingView

On the daily time frame, Bitcoin (BTC) is again trading above the vital $23,000 mark. If buyers can hold this level, there are high chances to see the test of the $24,000 zone next week.

BTC/USD chart by TradingView

From the mid-term point of view, Bitcoin (BTC) has bounced off the $22,400 mark, confirming bulls' power. However, the main coin might need more time to accumulate energy for a further upward move.

Bitcoin is trading at $23,108 at press time.

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