Bitcoin Price Prediction for Today, August 2: BTC Resumes Consolidation, Will it Plunge Below $23K?

The Bitcoin price prediction shows that BTC is trading at $23,346 as the coin seems to be preparing for a bullish movement.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $23,346

Bitcoin market cap – $446.2 billion

Bitcoin circulating supply – 19.1 million

Bitcoin total supply – 19.1 million

Bitcoin Coinmarketcap ranking – #1

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $30,000, $32,000, $34,000

Support Levels: $18,000, $16,000, $14,000

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Despite carrying the highest market capitalization, BTC/USD seems to be waiting for an opportunity for a breakout in either a positive or negative. The first digital crypto is trading above the 9-day and 21-day moving averages. However, the Bitcoin price is likely to extend towards the resistance level of $24,000 if it crosses above the channel.

Bitcoin Price Prediction: Is $25k Resistance Coming for BTC?

It is likely for the first digital asset to touch the resistance level of $25,000 as the Bitcoin price remains above the 9-day and 21-day moving averages. Any further bullish movement above this barrier may locate the potential resistance levels at $30,000, $32,000, and $34,000. Meanwhile, when the new uptrends are gathering, traders may use the moving averages as a pivot resistance point to gauge the strength of the trend. Therefore, if BTC/USD soars toward the upper boundary of the channel, this could be a sign of sustainability and could result in a bullish continuation.

On the contrary, if the BTC price fails to move up; traders may see a price cut below the moving averages, and a further low could bring the price to the support levels at $18,000, $16,000, and $14,000 respectively. For now, the Bitcoin price is likely to rise as the technical indicator Relative Strength Index (14) may cross above the 60-level.

BTC/USD Medium-term Trend: Ranging (4H Chart)

According to the 4-hour chart, the Bitcoin price is moving bullishly as the bulls are coming back into the market. The king coin is likely to cross above the 9-day and 21-day moving averages, if not, the support level of $21,000 and below may come into focus.

BTCUSD – 4-Hour Chart

However, if the bulls push the market above the 9-day and 21-day moving averages, traders may expect a touch of the $24,000 resistance level, breaking this level may further push the price towards the resistance level of $26,000 and above while the technical indicator Relative Strength Index (14) moves to cross above the 50-level, suggesting a bullish signal.

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