Weekly bitcoin price analysis

Bitcoin is a native coin of the bitcoin network that is being released to the bitcoin network through the mining process using the computing power. Bitcoin serves several utility functions in the service and goods sector. On the bitcoin network, it is used to pay for gas fees whenever users want to transfer it from one peer address to another. The gas fee is being paid as a compensation to those miners who secure the bitcoin network by initiating the transaction from one bitcoin address to another.

On the 7th of August 2023, one bitcoin started trading at around $29,360. By Tuesday the same week, the price dropped to around $28,784. On Wednesday the same week, the price rises to around $30,320 followed by a drop of $29,675 on the same day. On Thursday the same week, the price had risen to around $30,183. This is shown as from the candlesticks chart below;
  
From the candlesticks chart above, the market for bitcoin can be seen to have moved from $29,360 to $28,784. This downwards movement is as a result of buyers exceeding the sellers thus causing a downward movement. At $28,784,more sellers are selling their previously bought bitcoin in the hope that the market will continue moving downwards. Because of this,the sellers exceeds the total number of buyers over there thus causing the market for bitcoin to gain support over there and moves upward with few buyers all the way to around $30,320 where the market resist to continue moving upwards but instead reversed and moves downward to $29,675 since the buyers there have exceeded the number of sellers. The market again slightly gains support at $29,675 where it slightly moves upward to $30,183 but reversed again and can be seen to have started moving downwards. If more buyers will continue buying bitcoin,then there is possibility of the market to continue moving downwards with few sellers in order to profit with them while if the sellers will exceed buyers over there then we should expect to see the market continuing an upward trend.