BTC starts August on muted note as price oscillates near $23k

Bitcoin price analysis turned into a dead end as the price oscillated around $23,100 after correcting from a daily high of $23,900. Forming a higher base on the hourly chart also indicates that the bulls are leading the price action. Strong monthly gains helped the pair slide into the next month with renewed optimism.

So, did BTC hit rock bottom here? Well, Bitcoin price analysis has turned green, but its long-term horizon remains unclear. The $18,000 low is nowhere to be seen, but any mistake by the bulls could cost them a lot. With Wall Street’s earnings season in full swing, it remains to be seen whether the pair will rally higher or lower.

Bitcoin price action in the last 24 hours: Bitcoin consolidates near the $23,000 level

The start of a new bullish phase on the BTC/USD chart requires clear technical indicators. The subdued volume figures over the weekend suggest that large and institutional investors are still not buying in an uptrend. BTC/USD bulls were unable to safely cross $24,000 and the price failed to close above it for the past two days.

The $22,500 price level attracts buyers as the 20-day exponential moving average provides sufficient support for buyers there. This could be the key to the uptrend next week. A brief stop in the $22,550 area could recapture the buying wave needed to push the price higher on the daily timeframe, according to Bitcoin Price Analysis.

BTC/USD 4-hour chart: Bulls expect high volume to renew buying frenzy

A resumption of buying near $23,000 could quickly gain momentum and take the BTC/USD pair to $25,700. The price action is near the top of the triangle pattern. The hourly chart RSI reversed below 60 and could help trigger another rally. The 20 day EMA is a great pivot for day traders to start buying as well.

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However, buyers need to aggressively defend the $21,300 level for further buying support. The Super Trend Line indicator shows a clear buy signal above the trend. The SMA is tilted to the upside and could trigger more buying near the supply area at the $21,900 level.

Bitcoin price analysis conclusion: Consolidation tends to lead to higher prices

It is clear that the current pattern is likely to result in higher prices over the next few days if consolidation gives way to buying. However, prices have not clearly exited the macroeconomic downtrend. There is a possibility of the price moving back to $20,000 if this proves to be a bull trap.

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The resistance level to watch out for is $24,200, where the bulls are likely to face heavy pressure. According to bitcoin price analysis, bullish momentum needs to firmly close above $24,000 to gain momentum in the week ahead.

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