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Bitcoin Price Prediction for Today, August 1: BTC Back Below $23,000 Level

Bitcoin Price Prediction
Bitcoin Price Prediction

The Bitcoin price prediction shows that BTC is facing an intense tug of war as bears mount pressure near $23,000.

Bitcoin Prediction Statistics Data:

  • Bitcoin price now – $23,249
  • Bitcoin market cap – $438.6 billion
  • Bitcoin circulating supply – 19.1 million
  • Bitcoin total supply – 19.1 million
  • Bitcoin Coinmarketcap ranking – #1

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $30,000, $32,000, $34,000

Support Levels: $18,000, $16,000, $14,000

BTC/USD is dropping from the daily high of $23,518 as the bulls keep struggling to overcome the important $23,000 level. The stagnation near the 9-day moving average shows that the coin is unable to increase volume to keep the market to the upside and overcome key hurdles with confidence.

Bitcoin Price Prediction: Bitcoin (BTC) May Range-bound

This week, after the Bitcoin price trades above the 9-day moving average, the king coin has not had much action, and it is likely to trade within a range. However, support and resistance levels may ensure that the daily charts are not very volatile. But, the price may challenge the 21-day moving average and could reach the nearest support at the $22,000 level.

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According to the daily chart, the Bitcoin price could not go higher but the 9-day moving average is still above the 21-day moving average. Meanwhile, the candle has not yet close and the bulls are unlikely to close above it. However, the Bitcoin price may touch the critical supports at $18,000, $16,000, and $14,000 if the price slide and face the lower boundary of the channel. On the contrary, crossing above the upper boundary of the channel could hit the potential resistance levels at $30,000, $32,000, and $34,000 respectively.

BTC/USD Medium-term Trend: Ranging (4H Chart)

On the 4-hour chart, the Bitcoin price is consolidating as the bulls failed to defend the $23,000 level. However, the $22,000 and below may come into play if the bearish momentum increases the market movement.

BTCUSD – 4-Hour Chart

However, if the buyers hijack the current movement and push it above the 9-day and 21-day moving averages, traders may expect a retest at a $24,000 resistance level; breaking this level may further allow the bulls to touch $25,000 and above. At the moment, the Relative Strength Index (14) is likely to slide below the 40-level, which could give additional bearish signals in the next move.

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