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On the 2nd of August, the crypto market turned bearish and the major coins made significant downward movements on their charts. Bitcoin price fell towards the $11200 level after it moved past the $12000 mark at the start of the day’s trade.
1-Day Bitcoin price analysis
Bitcoin price chart by Trading View
For the day’s lowest, BTC fell to $10713, while the cryptocurrency scored a day’s high of $12102.24. At the time of writing, Bitcoin traded at $11169.49 US Dollars.
What’s next for Bitcoin’s price?
The Trading View analyst Alan Masters believes that Bitcoin will now fall towards the $10400 level.
Bitcoin price chart by Trading View
On the 4-Hour chart for the BTCUSD pair, the analyst drew a trendline above the trading pair’s movement ever since the 26th of July. The BTCUSD trading pair showed a bearish candle on the 2nd of August, followed by another red, which may have led the crypto analyst to believe that the cryptocurrency king will now make its way down its charts.
As per their analysis, the cryptocurrency should now fall towards the $10500 level. The analyst noticed a strong bearish divergence between Bitcoin and the Moving Average Convergence Divergence (MACD) indicator, and the Relative Strength Index (RSI).
Currently, the altcoins seem to be recovering from the fall that occurred on the 2nd of August, and this may provide a correction for the cryptocurrency market.
What to expect from BTC price?
Another Trading View analyst Atlas Trades is of the opinion that BTC price will rise towards the $11700 mark.
Bitcoin price chart by Trading View
The analyst drew a support level for the BTCUSD pair at the $11100 mark, and they believe that the cryptocurrency will rise towards the $11700 mark if they continue to hold this support level.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.
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Taha Farooqui
Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.
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