Bitcoin fails to hold above $24K once again: What to expect?

Bitcoin price analysis for August 9, 2022, comes on a bullish note for the world’s biggest cryptocurrency as we can confirm that the prices have surged by more than 0.26% in the last 24 hours. However, the nearest resistance for the leading cryptocurrency present at the $24K price level retains and it seems that we might continue to witness this price region hold strong. It is important for BTC to break this region and turn it into support to confirm an uptrend in the short term.

As noted in our BTC price analysis for August 8, 2022, the world’s biggest cryptocurrency Bitcoin has a major support at the $22K price level which has been holding for a few weeks and investors might see another retest of the same if $24K isn’t turned into a support level.

The data from CoinMarketCap shows that the trading volume of the token surged by 55.23% in the last 24 hours, followed by a 0.32% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.06355, while the Market Dominance dropped to 40.37%.

The daily candle for the token opened at a price of $23810 and reached a daily high of $23913. On the other hand, the daily low for Bitcoin stands at a price of $23626. The price of 1 Bitcoin at the time of writing is $23846.

Bitcoin price analysis for August 9 on the daily chart

Bitcoin price analysis for August 9, 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 60 which confirms that Bitcoin bulls are still in control of the price action in the short term.

The MACD line touching the signal line while the histogram remains green.

The price action for Bitcoin is situated in the bullish zone of the Bollinger Bands, an optimistic indication of prices.

Conclusion

Bitcoin price analysis for August 9, 2022, ends on a slightly bullish note for BTC, with increased chances of retesting $22K.