Bitcoin (BTC) Price Analysis for August 6
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Buyers could not hold the initiative for long, and most of the coins have returned to the red area.
Top coins by CoinMarketCap
BTC/USD
The rate of Bitcoin (BTC) has declined by 0.11% since yesterday. Over the last seven days, the price has declined by 1.06%.
Image by TradingView
Despite today’s drop, there is a chance to see a local rise if the rate closes above the zone of $29,000. However, if that does not happen, the correction may continue to the $28,900 area shortly.
Image by TradingView
Bears are still controlling the situation on the daily chart as the price is located near the support level at $28,842. If nothing changes, a breakout may lead to an ongoing correction to the $28,000-$28,500 area within the next days.
Image by TradingView
On the weekly time frame, traders should pay attention to the nearest level at $28,842. If the bar closes far from it, there is a possibility to see a bounce back to the $29,600 area.
Bitcoin is trading at $29,014 at press time.
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