Bitcoin (BTC) Price Analysis: A Quick Look at the 1-hour Charts (02-Aug)

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just below the $23,000 mark and seems to be moving within a downtrend on the micro timeframes. As mentioned in our previous analyses, the price faced rejection around the $24,200 mark and could be heading towards the lower levels once again. The first support we were eyeing for BTC was the $23,200 mark. It was a significant level, and the price has broken below it. In this article, we will take a quick look at the latest Bitcoin charts to see where the price could be headed in the immediate short term.

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Analyzing the Charts

If we take a look at the 1-hour timeframe for Bitcoin we can see that the price is now trading below the $23,200 mark. The region we will be watching for Bitcoin in the coming days is the $20,600 mark which has acted as both support and resistance in the past.

The selling pressure will now increase as the price has broken below $23,200 and we will see the downtrend continue.

However, the support level we will be watching for Bitcoin in the immediate short term is around $22,600.

This level has also acted as support in the recent past and BTC could go sideways above this level. Breaking below this level could also trigger a sell-off because the price saw a big pump break above this level a few days back.

The trading volume on the other hand is also dropping which is another sign that the price is now moving towards the downside.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is currently trading just below the $23,000 mark and could drop further in the coming hours. The price is now moving within a downtrend on the lower timeframes, and we can expect it to go back to $20,600. Right now, we are also interested in placing a short trade on Bitcoin as things are looking bearish. However, a bounce from here is not completely out of the scenario and could happen if the buyers step in once again.

How to Trade Bitcoin (BTC)?

To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.

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