Bitcoin (BTC) Price Analysis for August 13
Bitcoin (BTC) Price Analysis for August 13
Neither bulls nor bears are dominating on the last day of the week.
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The price of Bitcoin (BTC) has fallen by 0.12% over the last 24 hours.
Image by TradingView
On the hourly chart, the price of Bitcoin (BTC) is looking bearish as the rate is returning to the recently formed support level at $29,351. If buyers cannot seize the initiative, the breakout may lead to a decline to the $29,300 area tomorrow.
Image by TradingView
A similar picture is on the daily time frame, however, here traders should focus on the level of $29,294.
If the bar closes below it, the ongoing drop may lead to a test of the $29,000 range shortly.
Image by TradingView
The situation is neither bullish nor bearish on the weekly chart as the rate is far from the main levels. In this case, the more likely scenario is sideways trading in the area of $29,000-$30,000 until the end of the month.
Bitcoin is trading at $29,359 at press time.
Published at Sun, 13 Aug 2023 20:00:00 +0200