Bitcoin's price has seen a slight 0.04% increase over the past 24 hours to $26,138.50. While this may seem insignificant, a closer analysis of the data reveals some interesting insights for traders.

In this in-depth look at the latest Bitcoin market data, we will explore the current price, 24-hour and 7-day percentage changes, market capitalization, 24-hour volume, circulating supply, and 30, 60, and 90-day percentage changes. We'll analyze what these metrics mean for Bitcoin's short and long-term outlook. Read on for the key takeaways.

A Closer Look at Bitcoin's Intraday Price Action

Bitcoin's 0.04% 24-hour price increase comes after a period of rangebound price action between $25,500 and $26,500. The leading cryptocurrency failed to break out above $27,000 resistance over the weekend, leading to profit-taking. This minor pullback found strong support right around $26,000.

Bitcoin is still trading above its 20-day simple moving average, indicating an interim bullish trend. However, trading volume has declined over the past few days. This suggests waning momentum and indecision amongst traders about Bitcoin's next move.

Bitcoin's Market Dominance Holds Steady

Despite altcoins like Ethereum gaining ground, Bitcoin's market capitalization of $508.42 billion represents 43.6% market dominance. This market share has held relatively steady over the past month, indicating Bitcoin's overall strength.

With new altcoin projects constantly emerging, holding this dominant market position is an achievement. It shows Bitcoin remains the crypto asset traders flock to during times of uncertainty.

Is Volatility Ahead for Bitcoin?

Bitcoin's 24-hour trading volume of $7.85 billion is significantly lower than last week's $11-13 billion daily volume. This declining interest could mean volatility is ahead as Bitcoin consolidates between $20,000 and $30,000.

Low volatility phases are often followed by increased volatility as the market picks a direction. Bitcoin may trade sideways for a few more days before its next leg up or down.

Analyzing Bitcoin's Weekly Price Action

Zooming out to Bitcoin's 7-day price action, we see a moderate 0.53% gain. This brings some relief after the steep 11.12% drop over the previous week. Short-term traders took profits after failing to hold $27,000.

Bitcoin is exhibiting lower highs and finding support around $26,000. This indicates indecision and that strong directional momentum is lacking. To turn bullish, Bitcoin needs to break out above $27,000 and hold it as support.

Bitcoin's Outlook Over the Next Three Months

Bitcoin's 30, 60, and 90-day price changes also provide insights into investor sentiment. The 30-day change of -12.86% shows panic selling took hold in July after failing to break $30,000 resistance. Profit-taking and risk reduction lead to Bitcoin's drop to nearly $18,000.

However, the 60-day change of +5.23% indicates Bitcoin remains in an uptrend over this extended period. The crypto market is forward-looking, and smart money views the latest dip as a buying opportunity entering Q3 2022.

Bitcoin's 90-day change of -11.12% tells a similar story of fear and panic selling by short-term retail traders. Long-term holders remain confident in Bitcoin's outlook due to fixed supply economics and growing institutional adoption. Once the herd-driven selling exhausts itself, Bitcoin's uptrend is likely to resume.

The Month Ahead: A Pivotal Period for Bitcoin

The key takeaway is Bitcoin appears to be at a critical technical level as we enter August 2022. Major support around $20,000 held despite heavy selling pressure. This is a bullish signal.

However, Bitcoin is struggling to gain upside momentum with lower highs over the past two weeks. This consolidation cannot last forever. I expect increased volatility in the coming weeks as Bitcoin looks to break out of this range.

Bulls want to see Bitcoin reclaim $30,000 and make it the new support floor. This would put Bitcoin back on track to test all-time highs. Bears want to breach $20,000 and target the $18,000 zone. This would confirm a cyclical bear market is underway.

My bias is to the upside due to bullish on-chain metrics and falling exchange reserves. But caution is warranted until Bitcoin can flip resistance at $27,500 to support.

How Much Lower Can Bitcoin Go in 2022?

With Bitcoin hovering around $26,000, traders wonder how much more downside is in store this year. Here are some key levels to watch that could be retested if the bears keep control:

• $22,000 - This psychologically important level marked Bitcoin's local low in June 2022. Heavy resistance is likely as bulls defend this zone aggressively.
• $18,000 - Below the $20,000 mark is where real fear sets in, as seen in June 2022. This is the ultimate line in the sand for bulls. Expect significant buy-side interest and a prolonged battle at $18,000.
• $14,000 - If $18,000 fails to hold, the 200-week moving average around $14,000 comes into play. Given its historical significance as long-term support, expect a major trend reversal signal if Bitcoin nears this zone.

While these bearish targets can't be ruled out, the likelihood of retesting them diminishes if Bitcoin can hold $20,000 support over the coming weeks.

Is 100k Still in Play for Bitcoin this Cycle?

Despite recent volatility, the big question on every Bitcoin investor's mind remains - can it reach $100,000 this cycle? Here are the key factors to consider:

• On-Chain Metrics: Network growth, active addresses, and low exchange reserves suggest accumulation by long-term holders. This supports higher prices.
• Halving Cycle: Bitcoin has peaked 12-18 months after each halving. The 2020 halving points to a top in late 2021 or early 2023.
• Institutional Adoption: Bitcoin ETFs, corporate treasury allocations, and increased regulation are bullish for bringing in new institutional capital.
• Macroeconomic Backdrop: Record inflation, recession fears, and geopolitical instability may accelerate Bitcoin's safe haven narrative.

While nothing is guaranteed in markets, the confluence of these major trends gives credence to the $100,000 target within the next 6-12 months. But Bitcoin needs to hold critical support at $20,000 and break key overhead resistance for the next leg up toward all-time highs. Conservative investors may want to wait for greater confirmation of the bull market's resumption.

In conclusion, patience and discipline are key for Bitcoin investors navigating this volatile sideways price action. Zooming out, Bitcoin remains in an uptrend but faces critical technical resistance near-term. The coming weeks and months will determine if Bitcoin can launch toward $100,000 or if more downside is in store first. By analyzing the key data and price levels, traders can profit from Bitcoin's inevitable large moves.