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Bitcoin (BTC) Price Analysis for 8/3

Are bulls powerful enough to keep Bitcoin (BTC) above $11,000 until the end of the week?

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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 CryptoComes. 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.

After a drop over the weekend, some coins from the Top 10 list may recover. However, this prediction does not apply to most of them. Bitcoin (BTC) and its forks are in the red zone. The biggest loser is Bitcoin SV (BSV), whose rate has declined by 1.90% over the last day.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

A slight drop in cryptocurrencies has affected market capitalization, which has decreased by $2 bln and now sits at $338 bln.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant data for Bitcoin stacks up this way today:

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  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $205,559,991,867

  • Price: $11,141.41

  • Volume (24h): $20,866,259,551

  • Change (24h): -1.07%

The data is current at press time.

BTC/USD: Can Bulls reach the rate of $12,000 again this week?

On Saturday morning, buyers were able to overcome the level of $11,394 and continue to rise to the target level of $12,000 by Saturday evening. On Sunday morning, Bitcoin (BTC) set an annual high at $12,100, after which it started to fall.

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

The point of the daily minimum was fixed at the level of $10,560 but, almost immediately, the pair rebounded to the area of ​​$11,200. In the first half of the day, the recovery continued until the buyers came up against the $11,395 resistance, which they could not overcome.

👉 MUST READ BTC, ETH, XRP, ADA, and EOS Price Analysis for 02/08related article image

In the second half of the day, trading volume began to decline, and the pair tried to gain a foothold in a sideways channel in the area of ​​average prices. Overnight, the price of BTC retraced below the two-hour EMA55 and, as of this morning, buyers could not yet overcome the resistance of this moving average.

At the moment, the Stoch RSI indicator lines have left the overbought zone and indicate an upcoming continuation of the decline toward the trend line (the psychological mark area of ​​$10,000).

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

On the 4H chart, a potential rise is possiblenot in the form of a correction after Sunday's drop but an attempt to reach the $12,000 mark. The trading volume is low, but the selling volume is at the bottom. That is why the more likely scenario is slight growth to the zone of $11,500 before another bearish wave begins.

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

On the daily time frame, the situation is not that positive. The trading volume is decreasing, which means that there are high chances for a further decline. If Bitcoin (BTC) cannot rise above $11,300 in the next few days, bears may push it back to $10,500 and below shortly.

Bitcoin is trading at $11,150 at press time.

 

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Denys Serhiichuk

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 & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com