Bitcoin (BTC) Price Analysis: Breaking Above $23,400 (10-Aug)

1:50 pm, Wed, 10 August 22

Current Bitcoin Data

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Volume (24h)
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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just below the $24,000 mark and has gained decent bullish momentum on the lower timeframes. As mentioned in our previous analysis, the price has been struggling to break above $24,200 for a while now and has already rejected the level three times. We can notice that the bulls are again trying to push the price above $24,200, and it would be interesting to see how the price reacts this time. Let’s take a quick look at the 1-hour timeframes for BTC to see where the price is headed in the immediate short-term.

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Analyzing the 1-hour Charts

If we take a look at the 1-hour charts, we can see that the price bounced back nicely from the $22,600 mark and broke above $23,400 once again.

The price is now retesting the major resistance at $24,200, and it will be interesting to see how much selling pressure is there at the moment.

If we see another rejection here with the price dropping below $23,400 once again, we will consider it a good opportunity to short BTC. The lower target we are eyeing for Bitcoin in the short term is still the $20,600 mark.

On the other hand, if the price manages to break above $24,200 and closes the day above it with multiple 4-hour candles, Bitcoin will gain momentum once again.

The next target we will be eyeing in that scenario is the $26,400 mark. Flipping $24,200 into support will increase the buying pressure significantly.

Conclusion: What is Next for Bitcoin (BTC)?

If we take a look at the latest Bitcoin charts, we can see that the price has gained some momentum but is still struggling to break above $24,200. Right now, it looks likely that the price will reject $24,200 once again and fall further. We can also see that the bulls are trying to push at the moment and could also manage to break above $24,200. That is why we will be treading lightly at the moment.

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