Bitcoin (BTC) is down 2.6% in the past 24 hours and down 0.5% since midnight. The current price at the time of writing is $23,950 on crypto exchange Coinbase and €23,210 on the Dutch exchange bitvavo. Trading volume fell 6.8% in the past 24 hours. The total market cap of bitcoin at the time of writing is $459 billion and bitcoin dominance stands at 40%.
Bitcoin news from yesterday
Bitcoin’s Price Action So Far Bullish
In a previous bitcoin analysis, we already noticed that the price is a higher high, higher low pattern formed. This pattern is often indicative of an uptrend. In the meantime, the price has developed further and we can conclude that this pattern has persisted. Since the previous analysis, the bitcoin price has made a new high at $22,400 and a new high just above the previous one at $24,900.
However, it is noticeable that each new peak only just rises above the previous one. So it looks like the bulls are starting to lose strength. Yet each new bottom is far above the previous one. Investors are therefore increasingly satisfied with the higher price, but no longer wait for a hard fall. Bitcoin makes a rising wedge cartridge. This is usually a bullish pattern and suggests that BTC may still have some gasoline left in the tank.
Premium crypto analysis of the day: NEAR
On August 4, the analysts in the Discord Community of Crypto Insiders shared an analysis of Near Protocol (NEAR). Here they saw a nice buy zone developing around $4.39. They had expected a significant increase from here. This increase eventually came. Both the first target at $5.44 and the second target at $5.88 were hit. Since the buying zone, the price has therefore risen by between 24% and 34%. Currently, NEAR is expected to decline by these analysts.
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