Bitcoin

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The market keeps trading sideways, according to the <a href="https://u.today/xrp-price-analysis-for-august-10" rel="noopener noreferrer nofollow">CoinMarketCap ranking.</a> 
<img alt="Top coins by CoinMarketCap" data-entity-type="file" data-entity-uuid="f2e15956-0766-48a0-99c2-f59f8f8ab013" src="https://u.today/sites/default/files/inline-images/top10_591.png"> 
Top coins by<a href="https://coinmarketcap.com/" rel="noopener noreferrer nofollow"> CoinMarketCap</a> 
<h2 id="btc-usd">BTC/USD</h2> 
The rate of Bitcoin (BTC) has declined by 0.33% over the last 24 hours. 
<img alt="BTC/USD chart by TradingView" data-entity-type="file" data-entity-uuid="f1ffcd39-a651-47bf-8343-d31953dd3028" src="https://u.today/sites/default/files/inline-images/btc1_123.png"> 
Image by <a href="https://www.tradingview.com/symbols/BTCUSD" rel="noopener noreferrer nofollow">TradingView</a> 
Despite the slight drop, the rate of Bitcoin (BTC) is looking bullish on the hourly chart as the price has broken the resistance at $29,454. If buyers can hold the rate above that mark, bulls might seize the initiative that can lead to a test of the $29,600 zone tomorrow. 
<img alt="BTC/USD chart by TradingView" data-entity-type="file" data-entity-uuid="e3f78ddd-e6ed-49ff-9b86-d479053f4999" src="https://u.today/sites/default/files/inline-images/btc2_108.png"> 
Image by <a href="https://www.tradingview.com/symbols/BTCUSD" rel="noopener noreferrer nofollow">TradingView</a> 
On the daily time frame, the situation is less positive, as the rate of BTC is not ready yet for a continued upward move. Bulls may start thinking about a possible midterm reversal only if prices return to the $30,000 zone and fix above it. 
<img alt="BTC/USD chart by TradingView" data-entity-type="file" data-entity-uuid="99e0bb30-c49c-46c5-a40f-cb090b897da0" src="https://u.today/sites/default/files/inline-images/btc3_106.png"> 
Image by <a href="https://www.tradingview.com/symbols/BTCUSD" rel="noopener noreferrer nofollow">TradingView</a> 
A similar situation can be seen on the weekly chart, as the price has once again bounced off the support level at $28,842. The volume remains low, which means that the price of BTC has not accumulated enough energy for a further move. 
In this case, ongoing consolidation in the area of $29,000-$30,000 is the more likely scenario until the end of the month. 
Bitcoin is trading at $29,511 at press time.

Bitcoin (BTC) Price Analysis for August 11

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