Bitcoin drops slightly after market fails to recover

Bitcoin price analysis for August 26, 2022, comes on a slightly bearish note for the world’s biggest cryptocurrency as it is clear that the prices have dropped by almost 1.5% in the last 24 hours and investors can expect additional price drops if the bulls don’t take over the price action of the leading cryptocurrency in the near future. It is also important to note that BTC has a strong resistance at the $25K price level which the token failed to hold above and turn into support in the short term. Additionally, investors might see BTC retest $20K if $21K doesn’t hold.

As noted in our BTC price analysis for August 25, 2022, Bitcoin has been holding above the $21K price level for a considerable amount of time and this region seems to have become a temporary support for the cryptocurrency.

The data from CoinMarketCap shows that the trading volume of the token dropped by 1.86% in the last 24 hours, followed by a 1.49% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.07522, while the Market Dominance dropped to 39.75%.

The daily candle for the token opened at a price of $21559 and reached a daily high of $21614. On the other hand, the daily low for Bitcoin stands at a price of $21326. The price of 1 Bitcoin at the time of writing is $21426.

Bitcoin price analysis for August 26 on the daily chart

Bitcoin price analysis for August 26, 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 sellers continue to remain in control of the price action of Bitcoin.

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

The price action for Bitcoin is retesting the lower end of the Bollinger Bands and a bearish outbreak is possible.

Conclusion

Bitcoin price analysis for August 26, 2022, ends on a bearish note for the cryptocurrency as BTC might retest $20K price level.