Bitcoin price analysis: BTC starts August on muted note as price oscillates near $23k

Bitcoin price analysis is turning stagnant as the price oscillates near $23,100 after correction from day’s high near $23,900. The formation of higher lows on the hourly charts also shows that the bulls are in charge in the price action. The strong monthly gains are helping the pair glide into the next month with renewed optimism.

btc coin 360
Source: Coin360

So, is the BTC bottom here? Well, Bitcoin price analysis has turned green but the long-term horizon is still unclear. The lows near $18,000 are not in sight but any mistake by the bulls can cost them dear. With earnings season in full swing on the wall street, it remains to be seen whether the pair will bounce higher or track lower.

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Bitcoin price movement in the last 24 hours: Bitcoin consolidates near $23,000 level

The start of a new bullish phase on the BTC/USD charts requires clear technical indicators. The muted volume data over the weekend shows that the large and institutional investors are not jumping in on the bullish trend yet. The BTC/USD bulls are unable to cross the $24k barrier confidently and the price is unable to close above the same during the last two days.

btc 1d 01
Source: TradingView

The price level $22,500 beckons the bulls as the 20-day exponential moving average is providing ample support there to the buyers. It can be a pivot point for the uptrend for next week. A short stopover at $22,550 range can bring back the buying spree that is required to push the prices higher on the daily timeframes as per Bitcoin price analysis.

BTC/USD 4-hour chart: Bulls await large volumes to restart buying spree

A restart of the buying action near $23,000 region can pick up pace quickly and take the BTC/USD pair towards $25,700. The price action is upsloping near the upper region of the triangle pattern. The RSI is turning under 60 on the hourly charts and it can help fuel another rally. The 20-day EMA is the right pivot point for the day traders as well to begin buying action.

btc 4h 01
Source: TradingView

The bulls, however, need to defend the $21,300 level aggressively in order to create more support for the buying spree. The ‘Super Trend Line’ indicator shows a clear buy signal above the trending line. The Average Directional Movement Index is sloping upwards and may trigger more buying near the supply zone at $21,900 level.

Bitcoin price analysis conclusion: Consolidation likely to result in higher prices

It is clear that the current pattern will likely result in higher prices in the next few days provided consolidation gives way to buying. However, the prices have not yet clearly emerged from the macro bearish trend. There is a possibility of prices drifting towards $20,000 once again in a case this turns out to be a bull trap.

The resistance level to watch out for is $24,200 where the bulls are likely to face stiff pressure. As per Bitcoin price analysis, the bullish momentum needs to close the prices above $24,000 decisively in order to gain traction in the upcoming week.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2022-08-01/