Bitcoin

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Bears keep controlling the situation on the market as the rates of most of the coins <a href="https://u.today/xrp-price-analysis-for-august-16" rel="noopener noreferrer nofollow">keep falling</a>. 
<img alt="Top 10 coins by CoinMarketCap" data-entity-type="file" data-entity-uuid="3bbd9bf3-bd98-4f6d-9129-bb521014c306" src="https://u.today/sites/default/files/inline-images/top10_602.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 2.39% over the last 24 hours. 
<img alt="BTC/USD chart by TradingView" data-entity-type="file" data-entity-uuid="13ee4e5e-e74d-4cba-ad29-4b8d596bea2d" src="https://u.today/sites/default/files/inline-images/btc1_126.png"> 
Image by <a href="https://www.tradingview.com/symbols/BTCUSD" rel="noopener noreferrer nofollow">TradingView</a> 
On the hourly chart, the price of Bitcoin (BTC) is on its way to testing the local support level at $28,300. If the bar closes near this mark, the drop may continue to the $28,000 zone shortly. 
<img alt="BTC/USD chart by TradingView" data-entity-type="file" data-entity-uuid="2cef2ca2-9d15-4a11-bb24-670a16462dd3" src="https://u.today/sites/default/files/inline-images/btc2_111.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 daily time frame, as the rate has declined to the support at $28,280. The selling volume keeps rising, which means there is a low chance of seeing a bounce back soon. 
In this regard, there is a high possibility to expect an ongoing decrease to the $27,500-$28,000 zone. 
<img alt="BTC/USD chart by TradingView" data-entity-type="file" data-entity-uuid="71912ac6-6bda-472b-ade1-d72a66e09007" src="https://u.today/sites/default/files/inline-images/btc3_109.png"> 
Image by <a href="https://www.tradingview.com/symbols/BTCUSD" rel="noopener noreferrer nofollow">TradingView</a> 
Bears are also more powerful than bulls on the weekly chart.&nbsp; At the moment, traders should pay attention to the bar closure in terms of the nearest level of $28,248. If the candle closes near it or even below, the drop is likely to continue to the $27,000 mark. 
Bitcoin is trading at $28,350 at press time.

Bitcoin (BTC) Price Analysis for August 17

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