Forecast for Bitcoin (BTC) Pricing on August 22nd
In the world of cryptocurrency, the focus is on Bitcoin (BTC) as we delve into a price prediction for August 22. This analysis is penned by Denys Serhiichuk.
The current trading price of Bitcoin stands at $116,750, marking a 3.42% increase over the last 24 hours. The market is predominantly green today, as per CoinStats.
The price action over the past few days has been intriguing. On the hourly chart, BTC has blasted after a breakout of the $113,472 level. However, from the midterm point of view, there has been a false breakout of the support of $111,919. This false breakout has led to a focus on the weekly candle's closure, due to the potential implications it may have.
If the weekly candle's closure is found to be far from the $111,919 mark, bulls may seize the initiative, potentially leading to a test of the $120,000 mark. However, it's important to note that the rate of Bitcoin might need more time to accumulate energy for an ongoing rise.
The current scenario suggests sideways trading in the area of $115,000-$118,000. There are low chances of seeing increased volatility by tomorrow, as most of the daily ATR has been passed.
It's worth mentioning that, as of the available search results, no specific person or institution has published a Bitcoin price forecast for August 22, 2021. However, analysts like IG market analyst Tony Sycamore have given general price potential notes around that time.
In the longer time frame, the rate of Bitcoin is rising after a bounce off from the support level of $111,919. The future of BTC remains uncertain, but one thing is clear - the cryptocurrency market continues to captivate and intrigue us all.
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