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According to the CoinMarketCap ranking, bears are not going to give up anytime soon.
Top Coins by CoinMarketCap
BTC/USD
Bitcoin (BTC) is one of the biggest gainers today as its price is up nearly 2%.
Image by TradingView
Despite the decline, Bitcoin (BTC) is still declining on the local chart as the price is about to test the recently formed support at $29,162. If the bar closes below this level, the decline could extend to the $29,000 zone soon.
Image by TradingView
On the daily timeframe, the bitcoin (BTC) price failed to sustain above the $29,508 level, which means that the sellers remain stronger than the buyers. In this regard, the more likely scenario is a sustained correction to the $28,500 area.
Image by TradingView
From a medium-term perspective, traders should focus on the previous candle low at $28,842. If the close is far from there, buyers could take the initiative, which could lead to a rally to $30,000.
Such a scenario is relevant until mid-August.
At press time, Bitcoin is trading at $29,255.
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