Bitcoin (BTC), the world’s first and most popular cryptocurrency, continues to capture the attention of traders, investors, and financial analysts. As of 1 August, Bitcoin is navigating through a critical phase amid global economic fluctuations, regulatory developments, and growing institutional interest. In this blog post, we dive deep into the latest price action, technical analysis, key trends, market sentiment, and what traders should watch out for in the coming days.
Bitcoin Price Today – 1 August
As of early 1 August, Bitcoin is trading around $63,480, showing a 0.72% intraday gain. The market is relatively stable after last week’s minor correction. The price continues to hover within a narrow consolidation zone between $62,000 and $65,000, suggesting a potential breakout soon.
Key Price Levels:
- Current Price: $63,480
- 24h High: $64,020
- 24h Low: $62,860
- Resistance Zone: $65,500 – $66,800
- Support Zone: $61,200 – $60,000
Bitcoin Technical Analysis – Is a Breakout Near?
1. Daily Chart Overview
- RSI: Currently at 54, showing neutral momentum.
- MACD: Bullish crossover spotted on the 4-hour chart.
- 200-Day MA: Bitcoin is trading above its 200-day moving average, indicating long-term strength.
2. Trendline Observation
The current chart structure shows BTC is forming a symmetrical triangle. A breakout above $65,000 may ignite a fresh bullish rally, potentially pushing BTC above $68,000 in the short term.
Market Sentiment and Whale Activity
Recent on-chain data indicates a steady increase in whale accumulation. According to Glassnode, addresses holding over 1,000 BTC have increased by 2.1% in the past 7 days. This behavior suggests that large investors are preparing for a potential uptrend.
Additionally, the Bitcoin Fear and Greed Index is at 61 (Greed), which indicates rising investor confidence.
Latest Bitcoin News – What’s Driving the Market Today?
1. BlackRock and Fidelity ETF Flows
Bitcoin ETFs continue to see consistent inflows, especially from BlackRock’s IBTC and Fidelity’s FBTC. The combined daily inflow on 1 August was around $210 million, reinforcing positive institutional sentiment.
2. U.S. Economic Data Released
The U.S. labor report released yesterday showed a slight dip in job creation, fueling expectations that the Fed may pause interest rate hikes. This is considered bullish for Bitcoin as lower interest rates often push investors toward risk-on assets like cryptocurrencies.
3. Regulatory Signals
In Asia, Japan’s FSA has signaled a softening stance on crypto taxation, which could attract more investors and drive global trading volume. Meanwhile, the SEC in the U.S. is expected to respond to several pending crypto ETF applications in August, which may influence BTC’s direction.
BTC Dominance and Altcoin Impact
Bitcoin dominance currently stands at 51.7%, slightly down from last week. This indicates rising interest in altcoins like Ethereum (ETH), Solana (SOL), and XRP. However, Bitcoin continues to remain the market leader, and any significant move will likely influence the broader crypto market.
What to Expect Next? – Expert Predictions
Bullish Scenario:
If Bitcoin breaks above $65,500, it could initiate a run toward $68,000–$70,000 levels in August, especially if ETF inflows continue and macroeconomic conditions favor risk assets.
Bearish Scenario:
Failure to hold the $61,500 support could trigger a drop toward $58,000, especially if negative regulatory news or unexpected economic events arise.
Long-Term Outlook
Bitcoin’s fundamentals remain strong. With increasing adoption, integration into mainstream finance, and halving due in April 2026, the long-term trajectory still points upward. Investors are advised to focus on macro signals and maintain strong risk management strategies.
Should You Buy Bitcoin Now?
If you’re considering entry, accumulating near support levels ($61,000–$62,000) with stop losses in place could be a sensible strategy. However, short-term volatility is expected, so timing is key. Dollar-cost averaging (DCA) is another method favored by long-term investors.
Conclusion
Bitcoin on 1 August is at a critical junction. With signs of a potential breakout, institutional inflows, and strong technical support, BTC may be preparing for its next upward move. However, cautious optimism is needed as macroeconomic and regulatory factors still hold sway over the crypto market.
For daily updates on Bitcoin, price alerts, and the latest crypto trends – stay tuned to WristMart.in.
FAQs – Bitcoin Update for 1 August
Q1. Is it a good time to invest in Bitcoin on 1 August?
A: The market is showing signs of strength, but short-term volatility exists. Long-term holders may consider accumulation.
Q2. What is the Bitcoin price prediction for August ?
A: If momentum sustains, Bitcoin could test $68,000–$70,000 this month.
Q3. What are the risks to Bitcoin this month?
A: Regulatory delays, global economic tensions, and lack of breakout above resistance.
Disclaimer
This blog is for informational purposes only. It does not constitute financial advice. Cryptocurrency investments are subject to high market risk. Do your own research before investing.
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