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Bitcoin (BTC) Price Analysis for August 5

Fri, 08/05/2022 - 15:59
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Denys Serhiichuk
Has Bitcoin (BTC) accumulated enough energy to rise to $24,000 level?
Bitcoin (BTC) Price Analysis for August 5
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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 keep setting coins to new local peaks, according to CoinMarketCap rankings.

Top coins by CoinMarketCap


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.

BTC, ETH, XRP, ADA and BNB Price Analysis for August 3

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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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