Bitcoin fails to hold above $24 as prices pull back to $23K

Bitcoin price analysis for August 1, 2022, comes on a slightly bearish note for the world’s biggest cryptocurrency as we can confirm that there has been a price drop of nearly 1.5% in the last 24 hours. It is also important to note that with the entire market turning bearish, there has been a sell off BTC as well as other altcoins. There was a slight ascending triangle which now seems to be violated. Moreover, the entire market has been trying to break past resistance levels and BTC’s nearest one is $24K which has been broken for now.

As noted in our BTC price analysis for July 31, 2022, the month of July was quite bullish for Bitcoin as the leading crypto was able to rise by more than 15% and it seems that similar movement might be seen in August if $24K is broken and turned into support.

The data from CoinMarketCap shows that the trading volume of the token dropped by 16.51% in the last 24 hours, followed by a 0.0528% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.06205, while the Market Dominance dropped to 41.12%.

The daily candle for the token opened at a price of $23269 and reached a daily high of $23296. On the other hand, the daily low for Bitcoin stands at a price of $23287. The price of 1 Bitcoin at the time of writing is $23292.

Bitcoin price analysis for August 1 on the daily chart

Bitcoin price analysis for August 1, 2022, will consider the data from the daily chart below with three major indicators integrated into.

Source: TradingView

The RSI indicator reads a value below 57, i.e., buying pressure is gradually declining.

The MACD line is still very close to the signal line while the histogram remains green but intensity is decreasing.

The price action for Bitcoin aims to retest the middle zone of the Bollinger Bands as volume continues to decline.

Conclusion

Bitcoin price analysis for August 1, 2022, ends on a bearish note for BTC, as the chances of breaking $24K are low.