Bitcoin retains $21K as trading volume dries up

Bitcoin price analysis for August 23, 2022, comes on a bearish note for the world’s biggest cryptocurrency as it is clear that the prices have dropped by 0.29% in the last 24 hours and investors can expect additional price drops as well since the bearish sentiment in the market prevails. There are dangers of BTC and ETH losing crucial support levels present at the $20K price level if the market condition does not improve. Overall, it is clear that the leading cryptocurrency’s trading volume is quite low for now and investors need to be careful.

Also, as noted in our BTC price analysis for August 22, 2022, the Bitcoin token has been witnessing resistance towards the $25K price level which means that additional price crashes seem more likely in the near future before $25K is broken.

The data from CoinMarketCap shows that the trading volume of the token surged by 36.66% in the last 24 hours, followed by a 0.22% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.07731, while the Market Dominance rose to 40.02%.

The daily candle for the token opened at a price of $21400 and reached a daily high of $21468. On the other hand, the daily low for Bitcoin stands at a price of $21346. The price of 1 Bitcoin at the time of writing is $21403.

Bitcoin price analysis for August 23 on the daily chart

Bitcoin price analysis for August 23, 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 39 which means that the sellers are dominating the price of Bitcoin.

The MACD line remains below the signal line and the intensity of the histogram is also increasing.

The price action for Bitcoin is retesting the lower end of the Bollinger Bands as selling pressure remains high.

Conclusion

Bitcoin price analysis for August 23, 2022, ends on a bearish note for the leading cryptocurrency with considerable chances of retesting $20K.