Bitcoin retains $23K as investors put a $30K price tag for August

Bitcoin price analysis for August 2, 2022, comes on a sluggish note for the world’s biggest cryptocurrency although we can confirm that the BTC token has successfully retained the $23K price region in the last 24 hours, dropping by just over 0.10%. Interestingly, the price trajectory of the cryptocurrency might retest the nearest strong support at $20K if the $23K level is not retained. Additionally, the voters at CoinMarketCap have put a price tag of $30K by the end of August for the leading coin in the crypto space.

As noted in our BTC price analysis for August 1, 2022, Bitcoin has been underperforming for quite a while and we can confirm that the dominance of the leading token has now dropped by significant numbers. Moreover, the nearest resistance for the token stands around $24K.

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 $23296 and reached a daily high of $23509. On the other hand, the daily low for Bitcoin stands at a price of $22850. The price of 1 Bitcoin at the time of writing is $23314.

Bitcoin price analysis for August 2 on the daily chart

Bitcoin price analysis for August 2, 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., not a significant price chance has been seen in the last 24 hours.

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 as volume is not enough for an uptrend.

Conclusion

Bitcoin price analysis for August 2, 2022, ends on a sluggish note for BTC, as the chances of holding above $23K remain high.