Bitcoin on August 2, 2022 – Where the outcome of the battle is uncertain

First line. The bulls are currently struggling to hold the price of Bitcoin (BTC) above the key holders. Do they have a chance to win the battle or is it a losing battle?

This Bitcoin price analysis is offered to you in conjunction with the Coin Trading and its algorithmic trading solution finally accessible to individuals.

200 week moving average test

Bitcoin price drops to as low as $ 22,676 on Bitfinex today, August 2, 2022. It currently manages to climb above $ 23,000. Cryptocurrency trades at $ 23,020 at the time of this writing. Record a daily mini-loss of 0.48%.

Since yesterday, bears have been putting pressure on levels around the 200-week moving average. This average, which is a key bullish support, is currently near $ 22,900.

Despite the wicks below this level, the bulls are managing to defend it for now. They had won it back at the previous weekly close.

Bitcoin price: another support to defend

The 200-week moving average is an important area. Trader Pentoshi pointed to another key level for Bitcoin’s price. He stressed the importance of the area from $ 21,800 to $ 22,000.

Pentoshi Publication – Source: Twitter

Passing below this zone on June 16, Bitcoin’s price then dropped below $ 20,000, then $ 18,000. The $ 21,800-$ 22,000 then acted as resistance on the technical rallies that took place in the following days.

By retracing this zone and using it as a support, the price of Bitcoin managed to climb above $ 24,000 recently. It resumed the 200-week moving average.

An upward correction on a fragile basis

Will the bulls be able to prevent the price of Bitcoin from falling below these key levels? Is it necessary to ensure the continuation of an upward correction in the coming days? The Week Onchain newsletter of 1uh August of Glassnode, stated that:

“Active bitcoin addresses remain firmly within a well-defined downtrend channel.”

An increase in this number of active addresses would be needed to sufficiently support Bitcoin’s bullish rebound. Glassnode suggests the 14-day moving average of the number of active BTC addresses it should exceed 950,000report :

“An increase in on-chain activity, suggesting potential market strength and an upturn in demand. “

August is full of doubts about the price of Bitcoin. The next weekly close level will allow markets to be set for a continuation of the bullish rebound in the coming weeks, or a possible consolidation in the $ 20,000- $ 23,000 area.

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