Bitcoin on August 1, 2022 – August in full doubt

Confirmation or denial – The price of Bitcoin (BTC) closed previous periods above key levels, but traders and analysts remind that the conditions are still not in place, to hope for long increases in the coming weeks.

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Bitcoin price: end of July in the green

Bitcoin price drops as low as $22,882 on Bitfinex today, 1uh August 2022. It allows to go back above $23,000. Cryptocurrency trades at $23,102 at the time of writing this article. Its price is currently recording a daily loss of 2.94%.

Bitcoin closed the month of July and the last week in the green. He made a weekly closing above the 200-week moving averageafter five consecutive closes over the period below this level.

Will this close be enough to restore the necessary momentum to the bulls, for a reconquest of the next key levels on the road to $30,000?

Confirmation: a wick still below

Fintech startup Material Indicators was urged to be cautious about any optimistic assumptions based on this close.

She pointed out that the bear market is still very much alive”. Only ” full candles above the 200-week and 50-month moving averages, may be likely to be flagged as “valid breakout confirmations” above these key levels.

For now, Bitcoin has done well to close above these levels, but it had opened the relevant periods below.

Publication of Material Indicators – Source: Twitter

Trader Rekt Capital also nuanced the scope of this recapture of the 200-week moving average. This event would mean that “the price will try to retest” this level as “new support this week”. Bitcoin would now attempt to maintain this support for a second consecutive week.

Publication of Rekt Capital – Source: Twitter

BTC price: consolidation after the rebound

On-chain analytics firm Santiment has released its Bitcoin price evaluators for this month of August, based on its NVT model. The latter had successfully predicted the trend in July.

Santiment post – Source: Twitter

This indicator would currently forecast a neutral trend for Bitcoin price in August, the month “can be evaluated in both directions”. The markets should therefore expect about thirty days of consolidation in the price of Bitcoin.

After the reconquest, the bulls must therefore defend the 200-week moving average, to confirm a still fragile first victory, and claim a reconquest of the levels between $26,000 and $30,000.

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