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Bitcoin (BTC) Price Analysis for July 27

Price Predictions
Tue, 07/27/2021 - 13:28
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Denys Serhiichuk
Are bulls ready to seize the initiative in the long-term scenario?
Bitcoin (BTC) Price Analysis for July 27
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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The market has faced a slight decline after a few days of growth, and the majority of the coins are again red.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The Bitcoin (BTC) price found support at $38,000 yesterday morning. During the day, sellers tried to pierce this support several times, but in the evening, the volume of purchases increased and the bulls were able to renew the monthly high around the $40,580 mark.

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

The bears responded with tough pressure and, overnight, brought the BTC price back to the $37,150 level. In the morning, bearish pressure eased, but the price continued to decline to the hourly moving average EMA55.

Related
Bitcoin (BTC) Price Analysis for July 26

The level of average prices has stopped the decline, and it is possible that buyers may try to bring the pair back to the July high.

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

On the 4H chart, Bitcoin (BTC) is coming back to the formed level at $39,850. The rise is not supported by high trading volumes, which means that traders are sill accumulating power. In this case, there is a high possibility of expect the breakout of the resistance soon.

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

According to the daily chart, the leading cryptocurrency will not fall after a rejection from the zone around 40,000. The liquidity is high at the current area, confirming the accumulation phase before a possible breakout. If that occurs, the next resistance at $43,700 might be achieved within the next few days.

Bitcoin is trading at $38,370 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.