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Bitcoin (BTC) Price Analysis for August 8

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Tue, 8/08/2023 - 17:00
Bitcoin (BTC) Price Analysis for August 8
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 have seized the initiative as all of the top 10 coins are in the green zone.

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Top coins by CoinMarketCap

Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has risen by 1.48% over the last 24 hours.

BTC/USD chart by TradingView

Image by TradingView

On the hourly chart, the rate of Bitcoin (BTC) is in the middle of the local channel, between the support at $29,135 and the resistance at $29,585. There are low chances of seeing any sharp moves today as the coin has passed most of its ATR. In this case, sideways trading around $29,400 is the more likely scenario until tomorrow.

BTC/USD chart by TradingView

Image by TradingView

Despite today's rise, the rate of Bitcoin (BTC) is not ready yet for a sharp move as the price is far from the main levels. One can think about a bullish trend reversal only if BTC gets back to the $30,000 zone and fixes above it.

BTC/USD chart by TradingView

Image by TradingView

From the midterm point of view, one should pay attention to the support at $28,830, formed by a false breakout. If bulls can hold the rate above $29,000, there is a possibility of seeing a local rise to the $30,000 range soon.

Bitcoin is trading at $29,470 at press time.

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