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Bitcoin Price Prediction for Today, August 3: BTC Moves to Reclaim $24K

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Bitcoin Price Prediction
Bitcoin Price Prediction

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The Bitcoin price prediction shows that BTC is following the two-straight bullish day as the king coin heads to the upside.

Bitcoin Prediction Statistics Data:

  • Bitcoin price now – $23,422
  • Bitcoin market cap – $445.9 billion
  • Bitcoin circulating supply – 19.1 billion
  • Bitcoin total supply – 19.1 billion
  • Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $32,000, $34,000, $36,000

Support Levels: $16,000, $14,000, $12,000

BTC/USD is seen pushing the market price above the potential resistance level of $23,000 as bulls need to keep the price above the 9-day and 21-day moving averages. However, the Bitcoin price could move with strong bullish momentum after a sustainable break above an important resistance level.

Bitcoin Price Prediction: Bitcoin (BTC) Would Move to the Upside

Looking at the daily chart, the technical indicator Relative Strength Index (14) prepares to cross above the 60-level as the bulls appear to push the Bitcoin price above the upper boundary of the channel. Moreover, the Bitcoin price seems to be struggling around the upper boundary of the channel, suggesting that BTC/USD could retreat a little bit, before attempting to break higher again.

On the upside, the $23,500 level aligns with the initial resistance. A daily close above this could lift the price to the resistance levels of $32,000, $34,000, and $36,000. In other words, Bitcoin could retreat and slide below the 21-day moving average, currently located at $23,422. However, if it breaks below the moving averages, the critical supports may be located at $16,000, $14,000, and $12,000 respectively.

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

According to the 4-hour chart, BTC/USD is currently trading above the 9-day and 21-day moving averages as the coin moves toward the upper boundary of the channel to hit the resistance level of $26,000 and above. But the Bitcoin market is likely to range-bound above the moving averages while the buyers keep the position intact.

BTCUSD – 4-Hour Chart

Looking at the Relative Strength Index (14) shows that BTC price may follow the upside as the signal line remains above the 50-level. On the contrary, if the coin decides to cross below the 9-day and 21-day moving averages; the support level of $21,000 and below may be located.

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