Bitcoin aims to reclaim $22K but sentiment suggests lower prices

Bitcoin price analysis for August 24, 2022, comes on a slightly bullish note for the world’s biggest cryptocurrency as it is clear that the token has surged by almost 2.11% in the last 24 hours and investors can expect additional price surges as well. However, to do so, it is imperative for BTC to retain prices above the $21K price region. If the $21K price level fails to hold, it can be expected that BTC might retest the $19K price level which is another crucial support for the leading crypto coin.

As noted in our BTC price analysis for August 23, 2022, Bitcoin has a strong support around the $21K price level and if it holds, we can expect BTC to break through $22K once again. However, it still remains unclear if the bulls have the intensity to breach the $25K price level.

The data from CoinMarketCap shows that the trading volume of the token surged by 2.10% in the last 24 hours, followed by a 2.10% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.07916, while the Market Dominance dropped to 39.85%.

The daily candle for the token opened at a price of $24529 and reached a daily high of $21555. On the other hand, the daily low for Bitcoin stands at a price of $21145. The price of 1 Bitcoin at the time of writing is $21425.

Bitcoin price analysis for August 24 on the daily chart

Bitcoin price analysis for August 24, 2022, will consider the data from the daily chart below with three major indicators integrated into it.

Source: TradingView

The RSI indicator reads a value below 40 which means that the bears are still in control of the Bitcoin price action.

The MACD line remains below the signal line while the intensity of the MACD histogram is declining.

The price action for Bitcoin is retesting the lower end of the Bollinger Bands and we might see a bearish breakout.

Conclusion

Bitcoin price analysis for August 24, 2022, ends on a slightly bullish note for the leading cryptocurrency with considerable chances of retesting $19K.