Bitcoin (BTC) price is currently trading at $28,846. In the past few weeks, BTC to USD tried multiple times to break above the 31,500 level but failed each time. After trading within the $29,500-$31,500 range for more than a month, the price is now consolidating below the range lows.
Altcoins continue to suffer as the crypto market is riddled with increased selling pressure. The reason is the fact that Bitcoin has failed to show any sign of recovery toward the upside. Ethereum, which is the second biggest cryptocurrency, fell by around 1.6% last week because of the sideways price action of Bitcoin.
SEC Asks Coinbase To Delist All Crypto Except BTC
On 1st August, the total crypto capitalization fell by 2% after Financial Times reported that SEC had asked Coinbase to delist all cryptocurrencies from its exchange. However, Coinbase claimed this was false information and insisted that context has been ignored regarding their talk with SEC. In other news, the US regulator has sued the HEX founder Richard Heart for alleged fraud.
It is interesting to note that despite the ongoing positive rallies in the US stocks, especially in the tech sector, Bitcoin price has failed to rally. One could argue that it is because of the decreased demand for Bitcoin at current levels. Most of the capital is flowing into the tech stocks, most of which have already broken their 52-week highs.
Bitcoin Price Prediction For August
As shown in the chart below, the BTC price kept trading in the range of $31,500-$29,500 in July. The price tried to break out of the range toward the upside but failed to do so. On 24th July, the price broke below the range low of $29,500 and has been trading below it since then.
On a higher timeframe, Bitcoin price prediction is still looking positive as the bullish market structure remains intact. If the price breaks the trendline shown below and successfully reclaims the range low of $29,500, there is a very strong chance for it to retest the range high of $31,500. A breakout above range highs would put a $33,000-$35,000 price target on the cards.
I’ll keep posting my updated Bitcoin analysis and my personal trade setups on Twitter, where you are welcome to follow me.
