Bitcoin (BTC) Perpetual Contract Price Analysis: August 02

• On August 02, the bullish BTC price analysis is at  $24582.
• BTC’s bearish market price analysis for August 02, 2022, is $22175.
• Bitcoin’s 200MA shows an upward trend.

In Bitcoin Perpetual Future (BTC) price analysis on August 02, 2022, we use price patterns, and the Moving Average of BTC to analyze the future movement of the cryptocurrency. 

A perpetual contract is similar to a futures contract, which allows a person to buy or sell an asset at a predetermined date for a specified price. Perpetual contracts are gaining popularity in crypto because they allow traders to hold leveraged positions without the burden of an expiration date. 

Bitcoin (BTC)

Cryptocurrency giant Bitcoin (BTC) operates free of any central control or the oversight of banks or governments. Instead, it relies on peer-to-peer software and cryptography. A public ledger records all Bitcoin transactions and copies are held on servers worldwide. Every transaction is publicly broadcast to the network and shared from node to node. Every ten minutes or so these transactions are collected together by miners into a group called a block and added permanently to the blockchain. 

Bitcoin can be exchanged for cash just like any asset. There are numerous cryptocurrency exchanges online where people can do this but transactions can also be carried out in person or over any communications platform, allowing even small businesses to accept Bitcoin. 

When Bitcoin was first launched it was possible almost instantaneously to mine a coin using even a basic computer. Miners also choose which transactions to bundle into a block, so fees of varying amounts are added by the sender as an incentive. 

Bitcoin (BTC) Price Analysis

BTC price analysis on August 02 2022, is explained below with an hourly time frame.

The falling wedge is a bullish price pattern that represents a story about the market in which bulls are preparing for another push. A falling wedge pattern is bullish, although it appears after a bearish trend. The falling wedge pattern works as both a trend work as a trend reversal and a trend continuation pattern. If the falling wedge appears in a downtrend, it is considered a reversal pattern. 

A falling wedge is an important technical formation that signals that the correction, or consolidation, has just ended as the asset’s price left the wedge to the upside and, in most cases, the continuation of the overall trend is taking place.

Currently, the price of BTC is $22906.12. If the pattern continues, the price of BTC might reach the resistance level of $24582 and the buy level of BTC is $23498. If the trend reverses, then the price of BTC may fall to $22175, and the sell level of BTC is $22937.

Bitcoin (BTC) Moving Average

The BTC’s Moving Average (MA) is shown in the chart below. 

Currently, BTC is in a bearish state. However, BTC’s price lies below 50 MA (short-term), but lies above 200 MA. So currently BTC is in a  bearish state. Moreover, there is a high possibility of a Trend reversal.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.