Bitcoin (BTC) Price Analysis – Breaking Below $38,000?

7:08 am, Wed, 4 August 21

Current Bitcoin Data

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

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around $38,000 and is looking bearish for the short term. It is likely that we will break below this level and fall to our next support zone at the $37,400 mark. In this analysis, we will discuss our BTC price targets for the immediate short term.

As mentioned in the chart, we are headed towards the $37,400 in the next few hours. If we fail to hold this support, our next level to watch will be the $36,400 region.

ByBit allows you to leverage trade Bitcoin; by signing up with our link and making your first deposit, you can receive up to a $1610 bonus! (Bonus may vary based on deposit amount)

Claim up to $600 in Bonus

100x Leverage

Price Targets for the Immediate Short-term

Our first target for the immediate short term is also the $37,400 region which is looking inevitable at the moment. However, we can also see that the price for BTC is moving within a symmetrical triangle and could break below it at any time.

A symmetrical triangle usually means that the price can go either way. However, in this scenario, we are likely to break below it because the trading volumes are still low.

The next target we will be looking after the breakdown is the $36,400 mark. This area is a strong support region, and we could expect to see a nice bounce back from this region.

Past data also suggests that $36,400 is a strong region. We used this region for retest and support after breaking out on the 26th of July. If Bitcoin falls below this level, we might see a few more bearish weeks in the crypto space.

Conclusion: Is Bitcoin Bearish?

Bitcoin is currently looking bearish for the immediate short term and is headed towards the $36K region. However, this downside movement can also be seen as a healthy correction and could push us back above the $40,000 level in the coming days.

We must first wait and observe how the price reacts to our support levels in the near future.

Margin Trading Bitcoin

Interested in trading Bitcoin with leverage? Read our Margin Trading Guide today. You can also check our list of top crypto exchanges to choose the platform that best suits your needs.

Copy Trading With PrimeXBT Covesting

Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim your 50% bonus by using the promo code “bitcoinsensus50” with our link.

Recommended Bitcoin Trading Platforms:
★★★★★
★★★★★

Rating: 94%

Claim up to $600 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.075%
Maker:
-0.025%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 89%

Claim up to $112 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.075%
Maker:
-0.025%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 91%

Get 50% Deposit Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.050%
Maker:
0.050%
Wire:
Credit:
Crypto: