Bitcoin broke briefly through $23.5K, failed to hold there

Bitcoin price analysis
Source: TradingView

Bitcoin price analysis for August 4, 2022, comes on a bearish note for the world’s biggest cryptocurrency aswe can confirm that the prices have dropped by almost 1% in the last 24 hours and BTC aims to retest the nearest support at $22K price level. On the other hand, we also saw BTC break through $23.5K in the last 24 hours and investors can then saw BTC lose it in a few hours as BTC was seen trading below $23K once again in a few hours. While this was not expected, the lack of buying volume might be the reason for the same.

As per our BTC price analysis for August 3, 2022, the world’s biggest cryptocurrency as a strong resistance beyond $23.5K and this might be the highest we can expect BTC to go for now as the volume in the market remains quite low.

The data from CoinMarketCap shows that the trading volume of the token dropped by 7.63% in the last 24 hours, followed by a 1.20% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.06026, while the Market Dominance dropped to 41.02%.

The daily candle for the token opened at a price of $22985 and reached a daily high of $23647. On the other hand, the daily low for Bitcoin stands at a price of $22681. The price of 1 Bitcoin at the time of writing is $22837.

Bitcoin price analysis for August 4 on the daily chart

Bitcoin price analysis for August 4, 2022, will consider the data from the daily chart below with three major indicators integrated into.

Bitcoin price analysis
Source: TradingView

The RSI indicator reads a value below 53, i.e., bears are still giving it their all.

The MACD line almost touching the signal line and a bearish divergence is very likely.

The price action for Bitcoin is retesting the middle zone of the Bollinger Bands.

Conclusion

Bitcoin price analysis for August 4, 2022, ends on a sluggish note for BTC, as volume remains low in the crypto market.

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