Bitcoin (BTC) Price Analysis: A Look at the 1-Day Timeframe (03-Aug)

2:42 pm, Wed, 3 August 22

Current Bitcoin Data

Dominance
Price
Market Cap
Volume (24h)
1h
12h
1d
7d
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1y

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $23,000 mark and has been going sideways for the past few days. As mentioned in our previous analyses, the price faced rejection around the $24,200 mark and will continue to drop in the coming days. We saw some bullishness for Bitcoin in the middle of July as it went from the $19,200 mark to $24,200. However, the bulls seem to have lost momentum, and we can expect the bearish trend to continue. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed in the short term.

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Analyzing the 1-Day Timeframe

If we take a look at the 1-day timeframe for Bitcoin, we can see that the price is still moving within the rising channel it’s been respecting for weeks.

The price did bounce nicely from the $19,200 mark and came up to test the top of the channel around the $24K region. We can now see that the price is coming back down after the rejection and has found some support at $22,600.

Even though the price seems to be bouncing off from $22,600, it is likely that BTC will face rejection around $23,400 or $24,200. Once that happens, the price will continue downwards to retest the bottom of the channel.

The horizontal level we will be watching in that scenario is the $20,600 mark which has held as both support and resistance in the recent past. It is also likely that the price will break below the channel and will form a new bottom.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is currently trading at around $23,000 and will likely drop further in the coming days. A retest of $24,200 is possible, but the price will like experience another rejection. If the price does break below $22,600, we will see it as a nice opportunity to short Bitcoin. Right now, we will not be placing any short-term trade and will wait for the price to make a move.

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