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Bitcoin (BTC) Price Analysis for August 6

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Sun, 6/08/2023 - 18:00
Bitcoin (BTC) Price Analysis for August 6
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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Buyers could not hold the initiative for long, and most of the coins have returned to the red area.

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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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