Bitcoin loses $23K: Can we expect more pain?

Bitcoin price analysis for August 3, 2022, comes on a bearish note for the world’s biggest cryptocurrency as it has lost the $23K price region in the last 24 hours but is very close to reclaiming it which means that we can expect BTC to rise in the near future. Furthermore, the prices have dropped by 1.21% in the last 24 hours as BTC failed to breach through the resistance present beyond the $24K price level. However, investors remain bullish on BTC as majority believes that BTC will breach $30K by the end of the month.

As noted in our BTC price analysis for August 2, 2022, there is a support for the token around the $22K price level which has been holding for some time while there is a strong resistance for the token towarsd $25K. Another strong support for Bitcoin is $19K.

The data from CoinMarketCap shows that the trading volume of the token surged by 10.26% in the last 24 hours, followed by a 0.35% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.05822, while the Market Dominance dropped to 41.40%.

The daily candle for the token opened at a price of $22985 and reached a daily high of $23049. On the other hand, the daily low for Bitcoin stands at a price of $22963. The price of 1 Bitcoin at the time of writing is $23049.

Bitcoin price analysis for August 3 on the daily chart

Bitcoin price analysis for August 3, 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 55, i.e., bears are fighting to reclaim dominance.

The MACD line is still very close to the signal line and a bearish divergence is very likely.

The price action for Bitcoin aims to retest the middle zone of the Bollinger Bands.

Conclusion

Bitcoin price analysis for August 3, 2022, ends on a sluggish note for BTC, as we can expect BTC to reclaim $23K.