<img class="alignnone" src="https://s3.tradingview.com/snapshots/v/VvJnfU0C.png" alt="BTC" width="1380" height="809" />

<a href="https://www.tradingview.com/x/VvJnfU0C/">https://www.tradingview.com/x/VvJnfU0C/</a>

The new trading week on the Bitcoin market started again with a positive note. The BTC price closed above the critical range of $40,700-$41,700. This is the third weekly candle, which closes above the opening price. This fact gives a high chance of working out our main scenario - a test in the range of $48,000-$50,000. Using average volumes, buyers managed to break the 2-month consolidation, but isn't this a breakdown? The weekly timeframe also shows a red trend line, which buyers could not keep in late June and is now being tested from below. Therefore, not everything is as sweet in the BTC market as investors would like. In the <a href="https://www.cryptoknowmics.com/news/btc-technical-analysis-buyers-perfectly-closed-the-month/">previous article</a>, we wrote that we can safely buy BTC only after testing the range of $40,700-$41,700.
<h2>Confidence in the BTC Strength Will Appear After the Test of $40,700-$41,700</h2>
Looking at the daily timeframe, sellers are just trying to organize tests for buyers and this liquidity zone:

<img src="https://s3.tradingview.com/snapshots/k/kzZ5iFce.png" alt="TradingView Chart Snapshot" />

<a href="https://www.tradingview.com/x/kzZ5iFce/">https://www.tradingview.com/x/kzZ5iFce/</a>

The range test is quite important for the medium-term upward movement of the BTC price. At the moment, market participants are not sure about the strength of Bitcoin. The fact is that after the breakthrough of such consolidation, which has <a href="https://www.cryptoknowmics.com/news/crypto-market-falls-as-bitcoin-crashes-4k-in-hours-over-1-billion-in-liquidations/">developed in the market</a> since May, the price usually rapidly flies towards the breakthrough of consolidation. In our case, we saw that above the range of $40,700-$41,700, buyers faced problems and around the mark of $45,000.

Analyzing the counterattack of sellers, we can not say that the initiative in the market has changed. However, this trading week may be initiated by sellers. An interesting fact can be seen if we analyze the reaction of altcoins to yesterday's Bitcoin fall. If in the previous days during the local corrections of BTC other cryptocurrencies stood still or moved according to their growth scenario, this time their prices sharply fell by 10-15%. This fact indicates that buyers of altcoins do not believe in a confident continuation of the cryptocurrency market and are beginning to fix their long positions.
A successful test in the range of $40,700-$41,700 can be used to restore investors' faith.
<h2>Technical Analysis of the 4-Hour Bitcoin Timeframe</h2>
At the 4-hour timeframe, we see that the lower trend line of the local growth wave is under the control of buyers and now passes near the liquidity range. There is now a struggle for about $43,000, where BTC market participants formed a <a href="https://www.cryptoknowmics.com/news/btc-technical-analysis-the-price-has-returned-to-consolidation/">consolidation</a> on 6 August before the test of $45,000. If sellers fail to break this mark today, the BTC price will continue to grow to our target. Though, in any case, buying a BTC now without a test of the range of $40,700-$41,700 is quite dangerous.

BTC Technical Analysis: Will Buyers Have the Strength to Grow to $48,000-$50,000?

There is now a struggle for about $43,000, where Bitcoin (BTC) market participants formed a consolidation on 6 August before the test of $45,000.

Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.

BTC Technical Analysis: Will Buyers Have the Strength to Grow to $48,000-$50,000?

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