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Bitcoin (BTC) Price Analysis for July 27

Thu, 07/27/2023 - 16:05
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Denys Serhiichuk
Has correction of Bitcoin (BTC) finished yet?
Bitcoin (BTC) Price Analysis for July 27
Cover image via www.tradingview.com

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Bulls are trying to hold the gained initiative, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap

Top coins by CoinMarketCap

BTC/USD

The price of Bitcoin (BTC) has increased by 0.45% over the last 24 hours.

BTC/USD chart by TradingView

Image by TradingView

Despite the slight rise, the rate of Bitcoin (BTC) is coming back to the local support level at $29,366. If buyers cannot seize the initiative, the breakout may lead to the test of the $29,200 area shortly.

BTC/USD chart by TradingView

Image by TradingView

On the daily chart, the price has once again made a false breakout of the resistance level at $29,500. Until the rate is below that mark, bears will remain more powerful than bulls.

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Overall, it can lead to a further correction to the zone around $29,000. Such a scenario is relevant until the end of the month.

BTC/USD chart by TradingView

Image by TradingView

From the midterm point of view, traders should focus on the previous bar low at $29,400. If the candle closes below it, the downward move may continue to the range of $28,500. Thus, the volume keeps falling, which confirms buyers' weakness.

Bitcoin is trading at $29,424 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.