forecast for Bitcoin (BTC) pricing on August 6
In the world of cryptocurrency, Bitcoin (BTC) has been making waves as it approaches the $116,000 resistance level. According to CoinStats, a popular cryptocurrency analytics platform, the short-term outlook for BTC is cautiously bullish, with the price likely to remain within the $118,500–$120,000 range.
On the hourly chart, there was a false breakout of the local resistance at $115,258. However, if the current candle closes near $116,000 with minimal wick, the accumulated energy might be enough to propel BTC towards the $117,000-$119,000 zone.
CoinStats also provides a mid-term outlook for BTC. If the digital currency manages to break and sustain above the key resistance at around $123,236, a new all-time high could be expected shortly. Support levels around $118,803 and $116,671 (EMA50) are crucial to maintain the bullish momentum. A failure to hold these levels could lead to a bearish correction towards the demand zones near $112,300–$113,190.
However, it's worth noting that no current price prediction for Bitcoin could be reliably summarized from available sources regarding Denys Serhiichuk, a crypto analyst.
In the near term, sideways trading between roughly $114,000 and $120,000 is considered the most likely scenario due to a decline in volume. The current price of Bitcoin stands at $115,036, and there are low chances of seeing sharp moves by tomorrow, as most of the daily ATR has already been passed.
Despite the short-term uncertainty, the longer-term trend for Bitcoin remains bullish, with the rate of BTC having risen by 1.55% since yesterday. The bullish trend is further supported by CoinStats, which states that bears are weaker than bulls today.
In conclusion, while the short-term outlook for Bitcoin is uncertain, the mid-term prediction remains bullish, with a potential breakout to new highs if BTC can sustain above $123,236. However, it's important to note that the current price prediction for Denys Serhiichuk could not be reliably summarized from available sources. As always, it's essential to conduct your own research before making any investment decisions.
- In the realm of crypto trading, the tension is mounting as traders await the potential price prediction of Bitcoin breaking the $123,236 resistance, a move that could lead to a new all-time high according to CoinStats.
- Amidst the short-term uncertainties and the sideways trading between $114,000 and $120,000, the technology-driven bullish trend for Bitcoin shows no signs of slowing down according to the platform, with bears appearing weaker than bulls.
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