Buyers have seized the initiative as all of the top 10 coins are in the green zone.
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BTC/USD
The rate of Bitcoin (BTC) has risen by 1.48% over the last 24 hours.
Image by TradingView
On the hourly chart, the rate of Bitcoin (BTC) is in the middle of the local channel, between the support at $29,135 and the resistance at $29,585. There are low chances of seeing any sharp moves today as the coin has passed most of its ATR. In this case, sideways trading around $29,400 is the more likely scenario until tomorrow.
Image by TradingView
Despite today’s rise, the rate of Bitcoin (BTC) is not ready yet for a sharp move as the price is far from the main levels. One can think about a bullish trend reversal only if BTC gets back to the $30,000 zone and fixes above it.
Image by TradingView
From the midterm point of view, one should pay attention to the support at $28,830, formed by a false breakout. If bulls can hold the rate above $29,000, there is a possibility of seeing a local rise to the $30,000 range soon.
Bitcoin is trading at $29,470 at press time.
Source: https://u.today/bitcoin-btc-price-analysis-for-august-8-1