Bitcoin (BTC) Price Analysis: Struggling to Break Above $24,200 (17-Aug)

7:47 am, Wed, 17 August 22

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the resistance at $24,200 and is trying to flip it into support. The price is currently trading slightly above $24,200 and must close multiple candles above the crucial resistance to gain more momentum. As mentioned in our previous analyses, BTC has been trading within the same price zone for a long time now and could make a big move in the coming days. It will be interesting to see whether the price can stay above $24,200 or if the sellers will again dominate the market. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed in the immediate short term.

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Analyzing the Charts

Bitcoin is trading just above the $24,200 mark on the 1-hour timeframe, but it has not broken above the resistance yet. The price must close multiple hourly candles comfortably above this level to flip it into support.

Once that happens, the next resistance we will be watching for Bitcoin is the $25,000 mark which rejected the price strongly quite recently.

However, it seems unlikely that the price will continue the uptrend as the selling pressure is only increasing. If the price starts closing candles below the level once again, a retest of $23,600 is the next step.

Although, it is likely that the price will break below the $23,600 mark as well if retested. The next major support level we will be watching for Bitcoin in the immediate short term is the $22,600 level.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is currently struggling to break above $24,200 and could move out of this consolidation zone anytime. The price has been trading within this zone for a long time now and could make a big move soon. It is likely that the trend will reverse on the lower timeframes, and the price will start moving towards the downside. BTC is still bearish on the macro timeframes, and a visit of the $18,000 region is highly likely in the coming weeks.  

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