Bitcoin Technical Analysis Report | 07th-August-2023

Bitcoin’s price has remained confined within a narrow range, while certain altcoins are drawing the attention of buyers. The weekend saw Bitcoin’s price exhibiting relatively uneventful movement, signalling a lack of significant bets from both the bullish and bearish sides due to uncertainty about the upcoming direction. Nonetheless, traders are advised to remain vigilant, as periods of consolidation are often succeeded by heightened volatility. Notably, the increasing involvement of Bitcoin whales is seen as a positive indicator. Insights from on-chain data indicate that the bullish momentum might persist until September, coinciding with the onset of summer seasonality and potential market shakeouts.

At the time of writing, BTC was trading at $29,179.

Bitcoin Daily Chart-07th August 2023
Bitcoin (BTC) Chart

Bitcoin continues to trade sideways in a narrow range with low volumes indicating indecision. The asset is hovering around just below its 50 Day Moving Average. BTC after making the recent high of $31,804 witnessed profit booking and the prices corrected almost by 10% and made a low of  $28,585. The asset took support at the crucial level of $28,500 and bounced back up to $30,000. However, the bulls failed to sustain and keep the prices above the psychological level of $30k. Breakouts above $32,500 or below $28,500 with good volumes will further decide the trend for the asset.

Key Levels

Support 2Support 1AssetResistance 1Resistance 2.

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