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BTC, ADA and BNB Price Analysis for August 1


August has started with the correction of the cryptocurrency market as most of the coins are trading in the red zone.

Top coins by CoinMarketCap


Bitcoin (BTC) is going down by 1.43% since yesterday.

BTC/USD chart by TradingView

On the daily chart, Bitcoin (BTC) has successfully bounced off the $23,000 mark, which means that bulls keep controlling the situation on the market.

If bears cannot seize the initiative by the end of the day, a slight rise might lead to the test of the $24,000 area within the next few days.

Bitcoin is trading at $23,396 at press time.


Binance Coin (BNB) is falling the least from the list as it has declined around 1%.

BNB/USD chart by TradingView

Binance Coin (BNB) is located under bears’ pressure after the failed attempt to fix above the vital $300 mark. From another point of view, the price is above the $273 level, which means that bulls have the chance to keep the upward move going. At the moment, the more likely scenario is sideways trading in the range of $280-$290 so one of the sides could accumulate more energy for a further move.

Binance Coin is trading at $286.50 at press time.


Cardano (ADA) is the biggest loser today, falling by 2.60% over the previous 24 hours.

ADA/USD chart by Trading View

On the daily time frame, Cardano (ADA) is neither bullish nor bearish as the price does not show any prerequisites for either a rise or fall. Trading around the $0.50 area remains the more likely price action until the end of the week.

ADA is trading at $0.5160 at press time.


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