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Bitcoin (BTC) Price Analysis for August 5

source-logo  u.today 05 August 2022 16:20, UTC
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Bulls keep setting coins to new local peaks, according to CoinMarketCap rankings.

Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has risen by 1.32% over the last 24 hours.

<span class=BTC/USD chart by TradingView" src="https://cnews24.ru/uploads/f39/f399f56ffc6b22778d9e091e4c9311fecd85d1c1.png" size="1818x857">

On the local chart, Bitcoin (BTC) is stuck between the support level at $22,928 and the resistance at $23,427.

The volume has declined, which means that one should not expect any sharp moves until the end of the day.

<span class=BTC/USD chart by TradingView" src="https://cnews24.ru/uploads/ecd/ecd26dca72e71f8cad86a1be61e149974678fbd7.png" size="1818x857">

On the daily time frame, Bitcoin (BTC) is again trading above the vital $23,000 mark. If buyers can hold this level, there are high chances to see the test of the $24,000 zone next week.

<span class=BTC/USD chart by TradingView" src="https://cnews24.ru/uploads/c70/c70ef5eee4f829e4dfad810700409b5537a39dd4.png" size="1818x857">

From the mid-term point of view, Bitcoin (BTC) has bounced off the $22,400 mark, confirming bulls' power. However, the main coin might need more time to accumulate energy for a further upward move.

Bitcoin is trading at $23,108 at press time.

u.today