BTC, ADA and BNB Price Analysis for August 1

August has started with the correction of the cryptocurrency market as most of the coins are trading in the red zone.

BTC/USD

Bitcoin (BTC) is going down by 1.43% since yesterday.

On the daily chart, Bitcoin (BTC) has successfully bounced off the $23,000 mark, which means that bulls keep controlling the situation on the market.

If bears cannot seize the initiative by the end of the day, a slight rise might lead to the test of the $24,000 area within the next few days.

Bitcoin is trading at $23,396 at press time.

BNB/USD

Binance Coin (BNB) is falling the least from the list as it has declined around 1%.

Binance Coin (BNB) is located under bears’ pressure after the failed attempt to fix above the vital $300 mark. From another point of view, the price is above the $273 level, which means that bulls have the chance to keep the upward move going. At the moment, the more likely scenario is sideways trading in the range of $280-$290 so one of the sides could accumulate more energy for a further move.

Binance Coin is trading at $286.50 at press time.

ADA/USD

Cardano (ADA) is the biggest loser today, falling by 2.60% over the previous 24 hours.

On the daily time frame, Cardano (ADA) is neither bullish nor bearish as the price does not show any prerequisites for either a rise or fall. Trading around the $0.50 area remains the more likely price action until the end of the week.

ADA is trading at $0.5160 at press time.