Bitcoin, the cryptocurrency that plays a leading role in the cryptocurrency market, is forming an uptrend after a 50% correction in recent months.
The point that should be considered about this analysis is that the published tips and analysis are based solely on bitcoin price behavior and technical analysis factors. Therefore, in case of news or technical problems for the Bitcoin network, this analysis may not be done properly.
As we have shown in the price chart for you, if we assume an uptrend for the cryptocurrency market and the price of Bitcoin in general, the $30,000 price level of bitcoin is an important technical support for bitcoin in July and August of 2021.
Bearish traders and sellers tried to break this important technical support ($30,000), but after the reduction of negative news and the news of Tesla’s re-acceptance chance of bitcoin as a payment method on July 21, the price of bitcoin rose by about 8% to $32,000. It gave many bullish traders hope for a price increase after that heavy correction.
Bitcoin recorded a consecutive price increase for a week and its price increased to $42,000 then deflated to $ 38,000, it left a short-term price correction.
On August 4 and 5 of 2021, according to the daily candlesticks and the volume of bitcoin transactions in the Binance exchange, the buying pressure of traders is quite clear, and on August 6 and 7 of 2021, the price of bitcoin broke the important resistance of $42,000 and on August 8th, Bitcoin cryptocurrency was traded at a price of 45,000 dollars which was great news for bullish traders.
Finally, note that none of the analyses which are published in Adaas Capital is an economic and investment advice, and it is you who decides your trades!
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