Bitcoin reclaims $24K as market remains sluggish

Bitcoin price analysis for August 16, 2022, comes on a slightly bearish note for the world’s biggest cryptocurrency as we can confirm that the prices have dropped by 0.34% in the last 24 hours and investors can expect the token to drop further if the $24K price region does not hold. The nearest resistance for the BTC token stands around the $25K price level which the token has not been able to hold for a very long time. Interestingly, BTC reached a multi-month high recently after the bulls took over the market by surprise.

As noted in our BTC price analysis for August 15, 2022, the Bitcoin token has a major support around the $22.8K price level which can be retested in the near future. Additionally, investors can also expect the world’s biggest cryptocurrency to try to break $25K once again.

The data from CoinMarketCap shows that the trading volume of the token dropped by 3.07% in the last 24 hours, followed by a 0.28% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.06371, while the Market Dominance dropped to 40.05%.

The daily candle for the token opened at a price of $24093 and reached a daily high of $24247. On the other hand, the daily low for Bitcoin stands at a price of $23975. The price of 1 Bitcoin at the time of writing is $24098.

Bitcoin price analysis for August 16 on the daily chart

Bitcoin price analysis for August 16, 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 59 as the Bitcoin price action is still dominated by the bulls.

The MACD line is nearing the signal line as a bearish divergence is likely to happen.

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

Conclusion

Bitcoin price analysis for August 16, 2022, ends on a bearish note for BTC with increased chances of retesting $22.8K.