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Bitcoin (BTC) Price Analysis: A Look at the 1-Day Timeframe (29-Jul)



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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just below the $34,000 mark and is still looking quite bullish on the lower timeframes. The price has been going up for the past couple of days, and the buyers are trying to control the momentum. Right now, the resistance we are watching for BTC on the 1-hour timeframe is the $24,200 mark. It was the previous high Bitcoin formed a couple of weeks ago, and the price could struggle to break above it in the coming hours. Let’s take a quick look at the latest 1-day charts for BTC to see where the price could head in the coming days.

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Analyzing the 1-Day Charts

The first thing we can notice on the 1-day timeframe is that the price broke out of an inverse head & shoulders pattern a couple of weeks back and faced rejection at $24,200. It then came back to retest the $20,600 mark and now seems to be continuing towards the upside as expected.

This pattern shows that the price is still moving within an uptrend on the 1-day timeframe and must go higher. However, the fundamentals are still looking weak, and we are also entering the weekend.

If Bitcoin does not close the price above $24,200 by the end of the day, we can expect the price to fall again.

If the price successfully closes above this level, things will get quite bullish. The next target we will be eyeing in that scenario is the $26,600 mark.

On the other hand, if the price closes below the resistance zone, the first support level we will be watching for BTC is the $22,500 region.

Conclusion: What is Next for Bitcoin (BTC)?

Bitcoin is currently trading around the $24,000 mark and is looking quite bullish at the moment. Even though the price is looking quite strong, we will likely see rejection for BTC in the coming hours. The price could drop or go sideways during the weekend, and for now, we will not be placing any short-term trades on Bitcoin.


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