Bitcoin (BTC) Price Analysis: Heading Towards $22,600?

2:05 pm, Wed, 17 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 around the support at $23,600 and is struggling to hold it on the lower timeframes. This morning the price did challenge the $24,200 once again but faced strong rejection and is now dropping rapidly. BTC has been moving within this zone for weeks now and will eventually make a big move in the coming hours or days. Once the price break below $23,600, we will have confirmation that the trend is reversed, and BTC will visit the lower levels once again. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed in the immediate short term.

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 $4450 in Bonus

100x Leverage

Analyzing the Charts

If we take a look at the latest 4-hour charts for Bitcoin, we can see that the price is currently trading below $23,600. If Bitcoin starts closing 4-hour candles below this level, it is we will see a significant drop in price in the coming days.

Once the price starts closing 4-hour candles below this level, the next support we will be eyeing for BTC is the $22,600 mark.

The $22,600 mark has acted as strong support previously, so we can expect BTC to hold it for a while before it moves towards our next major target of $20,600.

A bounce back is also expected from the $22,600 mark, but our mid-term targets will still be bearish for Bitcoin.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin rejected the $24,200 mark once again earlier this morning, and the price has been struggling to gain momentum since. The selling pressure is increasing now, and bulls are also losing steam. It is likely that the price will touch the $22,600 mark in the coming hours. We are also interested in placing a short trade if the price starts closing 4-hour candles below $23,600.

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 $4450 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: