The prediction of the price of bitcoin for August 22, 2022, is gloomy for the largest cryptocurrency in the world as it seems likely that the trend will continue to be downward.
Regardless of the recent market rebound for Bitcoin, the situation has not changed, and it seems that a significant increase in capital intake is urgently required.
While there has been a considerable capital outflow from the top cryptocurrency over the last year, its supremacy has also decreased significantly in the most recent time frame.
The $25K price level serves as the closest point of resistance for the Ether token.
The price of Bitcoin, the most popular cryptocurrency, has a support level of around $20K, and there is a good likelihood that the price will go in the other direction.
According to statistics from CoinMarketCap, the token’s trading volume fell by 17.12% in the past day, while the market cap increased by 1.98%.
Additionally, the Market Dominance decreased to 40.01%, and the Volume/Market Cap has a value of 0.05599.
The token’s daily candle started off at $21516 and rose as high as $21521 during the day.
On the other side, Bitcoin’s daily low is at $21475. At the time of writing, 1 Bitcoin costs $21521.
Analysis of the daily chart for the price of bitcoin on August 22
On August 22, 2022, the data from the daily chart below with three key indicators included will be taken into account when analyzing the price of bitcoin.
The RSI indicator shows a reading below 40, indicating that the outlook for Bitcoin is still negative.
The histogram’s intensity keeps rising as the MACD line stays below the signal line.
Bitcoin’s price movement is retesting the lower bound of the Bollinger Bands, indicating that bears are in charge.
The study of the price of bitcoin for August 22, 2022, concludes negatively for the most popular cryptocurrency as we anticipate a retest of $19K.