Bitcoin loses $23K after failing to retain $24K: Market in red

Bitcoin price analysis
Source: TradingView

Bitcoin price analysis for August 10, 2022, comes on a bearish note for the world’s biggest cryptocurrency as it is clear that the BTC token has fallen by almost 4% in the last 24 hours and investors can expect additional price drops in the near future if the token failed to break into an uptrend in the near future. It will be interesting to see if BTC has what it takes to break into an uptrend and reclaim the resistance present at the $24K price region which has been standing as a major resistance.

As noted in our BTC price analysis for August 9, 2022, the nearest support for the Bitcoin token stands at the $22K price level which is currently being retesting and we can expect this region to hold in the short term.

The data from CoinMarketCap shows that the trading volume of the token dropped by 14.89% in the last 24 hours, followed by a 3.76% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.05734, while the Market Dominance rose to 40.47%.

The daily candle for the token opened at a price of $23151 and reached a daily high of $23151. On the other hand, the daily low for Bitcoin stands at a price of $22664. The price of 1 Bitcoin at the time of writing is $22941.

Bitcoin price analysis for August 10 on the daily chart

Bitcoin price analysis for August 10, 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 52 which confirms that Bitcoin bears are almost in control of the price action in the short term.

The MACD line touching the signal line while the histogram gradually returns to bearish position.

The price action for Bitcoin is situated in the bullish zone of the Bollinger Bands, but is retesting the middle zone of the Bands.

Conclusion

Bitcoin price analysis for August 10, 2022, ends on a bearish note for BTC, with increased chances of holding above $22K.

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