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Bitcoin (BTC) Price Analysis for August 6

Sun, 08/06/2023 - 18:00
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Denys Serhiichuk
When can traders expect local rise of Bitcoin (BTC)?
Bitcoin (BTC) Price Analysis for August 6
Cover image via www.tradingview.com

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Buyers could not hold the initiative for long, and most of the coins have returned to the red area.

Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has declined by 0.11% since yesterday. Over the last seven days, the price has declined by 1.06%.

BTC/USD chart by TradingView

Image by TradingView

Despite today's drop, there is a chance to see a local rise if the rate closes above the zone of $29,000. However, if that does not happen, the correction may continue to the $28,900 area shortly.

BTC/USD chart by TradingView

Image by TradingView

Bears are still controlling the situation on the daily chart as the price is located near the support level at $28,842. If nothing changes, a breakout may lead to an ongoing correction to the $28,000-$28,500 area within the next days.
 

BTC/USD chart by TradingView

Image by TradingView

On the weekly time frame, traders should pay attention to the nearest level at $28,842. If the bar closes far from it, there is a possibility to see a bounce back to the $29,600 area.

Bitcoin is trading at $29,014 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.