Bitcoin (BTC) Price Analysis: Breaking Above $24,200? (11-Aug)

7:54 am, Thu, 11 August 22

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading above the strong resistance at $24,200 and is looking quite bullish on the lower timeframes. The price has been struggling to break above this crucial level for weeks now and has finally broken above it on lower timeframes. However, we will not just consider this a break of resistance as the price needs to stay above this level for a day at least to show that the bulls are still in control. We also saw BTC break above this level at the end of July, but it could not sustain the momentum. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed next in the immediate short term.

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Analyzing the Charts

If we take a look at the latest Bitcoin charts, we can see that the price bounced nicely from the $22,600 mark this time and is now breaking above $24,200.

Right now, the immediate resistance we are watching for Bitcoin on the micro timeframes is the $24,700 mark. The price faced rejection here last time it tried to break above the major resistance at $24,200.

If the price manages to break above this level successfully as well, the next target we will be eying for Bitcoin is the $26,400 region.

On the other hand, the bearish scenario is still in play, and if the price gets below $24,200, BTC will be headed downwards once again. The first level we will be eying in that scenario is the $22,600 mark, and our main target will be around $20,600 in the short term.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is currently trading above the crucial resistance at $24,200 and is looking quite bullish on the micro timeframes. The price is finally trying to get above the resistance level that has been holding the buyers back. However, we will not be getting bullish on BTC yet and will wait for the price to turn $24,200 into support. The likelihood of the price breaking below once again is still high. Right now, we will not be placing any short-term trades on Bitcoin.

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