Bitcoin (BTC) Price Analysis: Back Below $24,200 (12-Aug)

7:50 am, Fri, 12 August 22

Current Bitcoin Data

Dominance
Price
Market Cap
Volume (24h)
1h
12h
1d
7d
1m
1y
?

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading below the $24,200 mark and has started to lose bullish momentum once again on the lower timeframes. As mentioned in our previous analysis, Bitcoin needed to close the day above the $24,200 mark to flip the strong resistance into support. However, the price started to struggle once again and dropped back within the consolidation zone it has been respecting for weeks. In this article, we will take a look at the latest Bitcoin charts to see what levels can come into play next.

Bybit allows you to leverage trade Bitcoin; by signing up with our link and making your first deposit, you can receive up to a $4,450 bonus! (Bonus may vary based on deposit amount)

Claim up to $30,030 in Bonus

100x Leverage

Analyzing the Charts

If we take a look at the 1-hour charts, we can see that the price broke above $24,200 successfully on the micro timeframes but struggled to flip it into support. The buying pressure isn’t that strong, and we will once again be watching the $22,600 mark.

However, the first support we will be eyeing for BTC right now is the $23,400 mark. It is unlikely that the price will hold this level as Bitcoin is losing momentum, but a bounce from here is not fully out of play.

Once the price gets to $22,600, it will be interesting to see how this support holds up during the weekend. If Bitcoin does not break below this level by Monday, we might see another move towards the upside.

On the other hand, if it breaks below this important level, it is likely that the price will visit the major support at $20,600 once again.

We will also be interested in shorting BTC if it breaks below $22,600 convincingly in the coming days.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin has shown some bullish momentum this week but is still struggling to break above a crucial resistance level. It is likely that the price will continue to drop in the coming days, and Bitcoin will continue the trend it has been following on the macro timeframes. We are still expecting $18,000 BTC in the coming weeks.

sell-ta

How to Trade Bitcoin (BTC)?

To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.

PrimeXBT Covesting: Copy Trading

Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim a bonus of up to $7000 by using the promo code “bitcoinsensus50” with our link.

Claim up to $7000 in Bonus

100x Leverage

Recommended Bitcoin Trading Platforms:
★★★★★
★★★★★

Rating: 94%

Claim up to $30,030 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.075%
Maker:
-0.025%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 89%

Claim up to $4100 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.075%
Maker:
-0.025%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 91%

Claim up to $7000 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.050%
Maker:
0.050%
Wire:
Credit:
Crypto: