Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading above the strong resistance at $24,200 and is looking quite bullish on the lower timeframes. The price has been struggling to break above this crucial level for weeks now and has finally broken above it on lower timeframes. However, we will not just consider this a break of resistance as the price needs to stay above this level for a day at least to show that the bulls are still in control. We also saw BTC break above this level at the end of July, but it could not sustain the momentum. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed next in the immediate short term.
Bybit allows you to leverage trade Bitcoin; by signing up with our link and making your first deposit, you can receive up to a $4,450 bonus! (Bonus may vary based on deposit amount)
Claim up to $4450 in Bonus
100x LeverageStart Trading
Analyzing the Charts
If we take a look at the latest Bitcoin charts, we can see that the price bounced nicely from the $22,600 mark this time and is now breaking above $24,200.
Right now, the immediate resistance we are watching for Bitcoin on the micro timeframes is the $24,700 mark. The price faced rejection here last time it tried to break above the major resistance at $24,200.
If the price manages to break above this level successfully as well, the next target we will be eying for Bitcoin is the $26,400 region.
On the other hand, the bearish scenario is still in play, and if the price gets below $24,200, BTC will be headed downwards once again. The first level we will be eying in that scenario is the $22,600 mark, and our main target will be around $20,600 in the short term.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading above the crucial resistance at $24,200 and is looking quite bullish on the micro timeframes. The price is finally trying to get above the resistance level that has been holding the buyers back. However, we will not be getting bullish on BTC yet and will wait for the price to turn $24,200 into support. The likelihood of the price breaking below once again is still high. Right now, we will not be placing any short-term trades on Bitcoin.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Copy Trading
Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim a bonus of up to $7000 by using the promo code “bitcoinsensus50” with our link.
Claim up to $7000 in Bonus
100x LeverageStart Trading
The post Bitcoin (BTC) Price Analysis: Breaking Above $24,200? (11-Aug) appeared first on Bitcoinsensus.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.