Bitcoin (BTC) Prediction for September 5

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Most of the coins are facing a local bounce back, according to CoinMarketCap.

Top coins by CoinMarketCap

BTC/USD

The price of Bitcoin (BTC) has gone up by 1.17% over the last 24 hours.

Image by TradingView

On the hourly chart, the rate of BTC is about to break the local resistance of $57,274. If it happens and the daily bar closes with no long wick, the upward move to $58,000 may continue.

Image by TradingView

On the bigger time frame, the picture is less positive. The rate of BTC is far from the main levels, which means neither bulls nor bears are dominating. 

In this case, there are low chances to expect any sharp moves by the end of the week.

Image by TradingView

From the midterm point point of view, sellers are more powerful than buyers. If the weekly candle closes around current prices, one can expect a test of the support of $53,550 soon.

Bitcoin is trading at $57,138 at press time.