Will Bitcoin Rise to $32,000? August 3 BTC Analysis

  • According to the technical chart of Bitcoin for 1 hour, it is important for the price to stay above the gray area mentioned in the analysis in order to continue its rise to the levels of $30,400.
  • Looking at the daily technical chart, it can be seen that the BTC price reached the level of $30,000 with strong buying reactions from the support zone of $28,600 – $28,200, but it started to decline without breaking the resistance of $30,000.
  • If the price of Bitcoin surpasses the resistance of $29,500 and closes on a daily basis, it can increase its upward potential. However, closing below $28,800 can continue the downward trend.

According to the technical analysis of Bitcoin, it is observed that the price shows strong reactions between important support and resistance levels. The short-term movements of BTC will be shaped depending on the closings above the mentioned levels in the analysis.

Medium-Term BTC Analysis

Daily BTC/USD Price Chart
Daily BTC/USD Price Chart

When the daily technical chart of Bitcoin is examined, it is observed that it rose to the level of $30,000 with strong buying reactions from the support zone of $28,600 – $28,200. However, BTC declined without breaking the resistance of $30,000 and retreated to the level of $28,968, and it is currently trading at around $29,151.

If the price of Bitcoin receives strong buying reactions from the support range of $28,600 – $28,200, it can continue its rise towards the mentioned level of $32,000 in the analysis. However, it is important for this rise to have daily closings and sustainability above the resistance of $29,500.

If the price of Bitcoin closes below the level of $29,200 on a daily basis, it can continue the downward movement and retreat to the level of $27,700.

Short-Term BTC Analysis

1 Hour BTC/USD Price Chart
1 Hour BTC/USD Price Chart

When the 1-hour technical chart of Bitcoin is examined, it is observed that as long as the BTC price stays above the gray area mentioned in the analysis, it can continue its upward movement towards the level of $30,400.

The gray support zone mentioned in the analysis corresponds to the level of $28,800. If the price of Bitcoin achieves 2-hour closings above the level of $28,800, it will aim to follow the predicted upward trend in the analysis.

If the BTC price surpasses the resistance of $29,500 and closes above it on a daily basis, it will increase its upward potential. However, if the Bitcoin price makes candlestick closures below $28,800, it can continue its decline to the level of $28,500.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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