Experts Analyzed The Movement Of The Bitcoin (BTC) Rate

Market experts shared their thoughts on the flagship cryptocurrency Bitcoin (BTC) movement. The price analysis as of August 1, 2022, does not offer any surprises, in their opinion. As the value extends the consolidation move on the first day of the new trading week, it is in a very tight range of $23,200 to $23,400 with a negative slope. According to the data, the BTC rate may rise over the next few days. 

According to analysts, this is because now the market is dominated by the desire of traders to buy. Investors prefer to accumulate virtual assets at a discount, which can push the price of BTC to continue rising. In their opinion, the formation of several Doji candles suggests that the price may try to recover to $24,700. However, multidirectional momentum oscillators warn investors about the possible risks of a reverse scenario.

Strategists assured: BTC is trading in an ascending channel. The chart has made higher highs and lows but faces rejection near the critical level around $24,655. Trading volumes were below average: this indicates that the price can ignore any bullish sentiment for the moment.

It was noted that on the daily chart, the BTC price is facing strong resistance above $23,900. A daily close above $24,000 would mean bullish dominance. If the mark is broken, the next target is around $25,500.