Bitcoin jumps 2% as the broader market turns green

Bitcoin price analysis
Source: TradingView

Bitcoin price analysis for August 6, 2022, comes on a bullish note for the world’s biggest cryptocurrency as a price surge of more than 2.3% in the last 24 hours can be confirmed for BTC and it seems that investors can expect the token to make higher highs if the nearest resistance is broken. This resistance zone has been holding for long and is present beyond the $24K price region. If somehow, BTC breaks this zone, we might have an uptrend on our hand. It will be interesting to see if that actually happens.

As noted in our BTC price analysis for August 5, 2022, the token has a support level at the $22K price region which has held for a very long time. We can expect this support for Bitcoin to hold in the near future as well.

The data from CoinMarketCap shows that the trading volume of the token dropped by 1.10% in the last 24 hours, followed by a 0.08% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.05855, while the Market Dominance dropped to 40.80%.

The daily candle for the token opened at a price of $23313 and reached a daily high of $23354. On the other hand, the daily low for Bitcoin stands at a price of $23188. The price of 1 Bitcoin at the time of writing is $23233.

Bitcoin price analysis for August 6 on the daily chart

Bitcoin price analysis for August 6, 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 56, i.e., investors can expect Bitcoin to go lower for now.

The MACD line touching the signal line as buying volume is not very high.

The price action for Bitcoin is retesting the middle zone of the Bollinger Bands, indicating a struggle between the bulls and the bears.

Conclusion

Bitcoin price analysis for August 6, 2022, ends on a slightly bullish note for BTC, with increased chances of holding above $23K.

A writer, an author, a freelancer with writings in over 50+ niches, an editor, a proofreader, a music enthusiast, a YouTuber, a podcaster, and someone, who puts consistent efforts each day to make sure his creativity is noticed. What's more? He loves cryptocurrencies.