Bitcoin nears $24K: A big pump incoming?

The crypto market has gradually turned bullish and Bitcoin price analysis for August 8, 2022, comes on a bullish note for the world’s biggest cryptocurrency as we can confirm that the prices have jumped by 3.60% in the last 24 hours and investors can expect additional price jumps in the near future as well. It is clear that over the weekend, the leading cryptocurrency was able to retain the support at $22K price level and went on to retest the nearest resistance at the $24K price region.

Furthermore, as noted in our BTC price analysis for August 7, 2022, the nearest support for the Bitcoin token is $22K while another major support is present around the $19K-$20K price level which has been holding for a very long time.

The data from CoinMarketCap shows that the trading volume of the token surged by 24.84% in the last 24 hours, followed by a 3.42% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.04175, while the Market Dominance rose to 40.60%.

The daily candle for the token opened at a price of $23174 and reached a daily high of $23878. On the other hand, the daily low for Bitcoin stands at a price of $23154. The price of 1 Bitcoin at the time of writing is $23806.

Bitcoin price analysis for August 8 on the daily chart

Bitcoin price analysis for August 8, 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 once again back in action.

The MACD line touching the signal line but the histogram has once again turned green.

The price action for Bitcoin is situated in the bullish zone of the Bollinger Bands.

Conclusion

Bitcoin price analysis for August 8, 2022, ends on a bullish note for BTC, with increased chances of reclaiming the $24K price level.