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Bitcoin (BTC) Price Analysis for August 2 – U.Today

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Bears are not going to give up so easily, according to the CoinMarketCap ranking.

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Bitcoin (BTC) is one of the biggest gainers today as its rate has risen by almost 2%.

Image by TradingView

Despite the fall, the rate of Bitcoin (BTC) is bearish on the local chart as the price is about to test the recently formed support at $29,162. If the bar closes below that mark, the decline may continue to the $29,000 zone soon.

Image by TradingView

On the daily time frame, the price of Bitcoin (BTC) has failed to fix above the level of $29,508, which means that sellers remain more powerful than buyers. In this regard, the more likely scenario is the ongoing correction to the $28,500 range.

Image by TradingView

From the midterm point of view, traders should focus on the previous candle low at $28,842. If the closure happens far from it, buyers may seize the initiative, which can lead to a rise to $30,000.

Such a scenario is relevant until mid-August.

Bitcoin is trading at $29,255 at press time.


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