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Bitcoin (BTC) Price Analysis for August 8

Price Predictions
Sun, 08/08/2021 - 14:25
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Denys Serhiichuk
Can Bitcoin (BTC) surpass the rise of the altcoins?
Bitcoin (BTC) Price Analysis for August 8
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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By the end of the week, bulls have seized the initiative and the majority of the top 10 coins are again green. Polkadot (DOT) is the only exception from the rule, going down by 0.34%.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The price of Bitcoin (BTC) has risen by 3.49% since yesterday, while the price change over the last week is +8%.

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

On the hourly chart, Bitcoin (BTC) is trying to fix above the $45,000 mark against the declining trading volume. However, it has low chances to accomplish that today as the main crypto has run out of power so far.

Related
BTC, ETH and ADA Price Analysis for August 6

In this case, one may expect the retest of the mirror level at $44,650.

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

On the daily time frame, Bitcoin (BTC) has almost reached the resistance of $45,700. It might be difficult to break it from the first attempt, so one may expect a short-term decline. Thus, the decreasing buying trading volume confirms that bulls need more energy to keep the rise going.

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

On the bigger chart, Bitcoin (BTC) has almost reached the resistance at $47,000.

Related
Litecoin (LTC) Price Analysis for August 5

The trading volume is slightly increasing, which means that buyers may break the aforementioned level if they keep BTC above $44,000.

Bitcoin is trading at $44,947 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.