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Bitcoin (BTC) Price Analysis for August 8

Mon, 08/08/2022 - 16:08
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Denys Serhiichuk
Can Bitcoin (BTC) remain bullish within next few days?
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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Monday has started bullish for the cryptocurrency market, according to CoinMarketCap's rankings.

Top coins by CoinMarketCap

BTC/USD

The price of Bitcoin (BTC) has risen by 4.55% since yesterday.

BTC/USD chart by TradingView

On the local chart, Bitcoin (BTC) is approaching the recently formed resistance level at $24,200. If a breakout occurs, the price may get to the $24,500 zone by the end of the day.

BTC/USD chart by TradingView

On the bigger time frame, Bitcoin (BTC) has broken the $24,000 mark, which means that bulls are ready for a continued rise. If the daily candle closes near $24,445, it may lead to growth to the $25,000 area until mid-August.

BTC/USD chart by TradingView

On the weekly chart, bulls have continued their upward move. If they can hold the price of Bitcoin (BTC) above the $24,000 mark until the end of the week, there are high chances to see a test of the mirror level at $25,400 within the next few days.

Bitcoin is trading at $24,111 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.