Bitcoin aims for $25K after a 6% price jump!

Bitcoin price analysis
Source: TradingView

Bitcoin price analysis for August 11, 2022, comes on a bullish note for the world’s biggest cryptocurrency as it is clear now that the BTC token has surge by almost 6.3% in the last 24 hours and investors might expect the leading cryptocurrency to break into the $25K price level but the buying pressure needs to be more high for BTC to break this resistance region. Currently, this resistance level has been holding for a very long time and investors can expect the BTC token to retest the nearest support of $24K doesn’t hold in the short term.

As noted in our BTC price analysis for August 10, 2022, the nearest resistance for Bitcoin stands around the $22.8K price level which has been holding for a long time and we can expect it to hold in the near future as well.

The data from CoinMarketCap shows that the trading volume of the token surged by 54.91% in the last 24 hours, followed by a 6.35% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.08089, while the Market Dominance dropped to 40.38%.

The daily candle for the token opened at a price of $23954 and reached a daily high of $24745. On the other hand, the daily low for Bitcoin stands at a price of $23912. The price of 1 Bitcoin at the time of writing is $24412.

Bitcoin price analysis for August 11 on the daily chart

Bitcoin price analysis for August 11, 2022, will consider the data from the daily chart below with three major indicators integrated into it.

Bitcoin price analysis
Source: TradingView

The RSI indicator reads a value below 62 which confirms that Bitcoin bulls are overall in control of the price action.

The MACD line touching the signal line but the histogram has turned bullish.

The price action for Bitcoin is situated in the bullish zone of the Bollinger Bands, and a bullish breakout can be expected.

Conclusion

Bitcoin price analysis for August 11, 2022, ends on a bullish note for BTC and we can expect a retest of $22.8K as well.

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