Bitcoin crashes to $23K after dropping almost 2%

Bitcoin price analysis for August 17, 2022, comes on a bearish note for the world’s biggest cryptocurrency as we can confirm that the token has dropped by almost 2% in the last 24 hours and investors can expect the BTC token to drop further in the near future. It is also clear that the nearest resistance for the token stands at the $25K price region which it hasn’t been able to break on a number of occassions. It will be interesting to see if BTC is capable of breaking into an uptrend in the coming days.

As noted in our BTC price analysis for August 16, 2022, the Bitcoin token has a strong support at the $22.8K price region which we can expect the token to revisit in the near future.

The data from CoinMarketCap shows that the trading volume of the token surged by 11.24% in the last 24 hours, followed by a 1.79% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.06967, while the Market Dominance rose to 40.06%.

The daily candle for the token opened at a price of $23856 and reached a daily high of $24446. On the other hand, the daily low for Bitcoin stands at a price of $23321. The price of 1 Bitcoin at the time of writing is $23410.

Bitcoin price analysis for August 17 on the daily chart

Bitcoin price analysis for August 17, 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 51 as the Bitcoin price action is being dominated by the bears.

The MACD line has broken below the signal line confiming a bearish divergence for the token.

The price action for Bitcoin is retesting the middle zone of the Bollinger Bands as bears currently prevail.

Conclusion

Bitcoin price analysis for August 17, 2022, ends on a bearish note for BTC as chances of retesting $22.8K are very high.