Bitcoin Price Prediction for Today August 8: BTC Price Suffers a Setback as It Faces Rejection at $24.2K

Bitcoin Is Repelled Thrice as It Faces Rejection at $24.2K – August 8, 2022

Bitcoin has revisited the $24,000 overhead resistance as it faces rejection at $24.2K. This will be the third time, the bulls will be retesting the recent high. On the upside, if the bulls are successful, Bitcoin will extend its recovery to $30,000 psychological price level. BTC/USD is trading at $23,779 as bulls challenge the overhead resistance.

Bitcoin Price Statistics Data:
•Bitcoin price now – $23,779.45
•Bitcoin market cap – $454,573,188,484
•Bitcoin circulating supply – 19,116,368.00 BTC
•Bitcoin total supply – $499,479,255,454
•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000

Today, Bitcoin’s (BTC) price has been making positive moves to retest the $24,000 overhead resistance. In the previous two attempts, the bulls were repelled at the overhead resistance. On the upside, if the bulls break the resistance at $24,000 and $24,736, Bitcoin will rally to $28,000 high. The bullish momentum will extend to the high of $30,000 or $32,000 price levels. On the other hand, if Bitcoin turns from the $24,000 overhead resistance, it will decline and continue its range-bound move between $22,300 and $24,700 price levels. However, if it falls and breaks below the moving average lines, Bitcoin will further decline to the low of $20, 724.

Nigeria Becomes a Possessed Crypto Nation After April Crash

A recent study has shown nations’ growing curiosity and interest in crypto after the April crash. During the April crash, most cryptocurrencies lost more than 60% of their valuation from the top, leading to an overall downturn in trading activity. Meanwhile, the CoinGecko research has highlighted a major rise in curiosity among Nigerians after the crypto market downturn in April.

According to the report, the Nigerian population searched the term “cryptocurrency,” “invest in crypto” and “buy crypto” the most among the 15 countries that were part of the research and had a total search score of 370. In addition, scarce financial services in Nigeria have fueled Nigeria’s growing interest in crypto. This has been the key reason for crypto adoption across Africa.

BTC/USD – Daily Chart

Meanwhile, Bitcoin bulls are still struggling to keep the price above the $24,000 overhead resistance as it faces rejection at $24.2K. Today, the BTC price was repelled after reaching the high of $24,2. BTC/USD is at level 58 of the Relative Strength for period 14. It indicates that Bitcoin is in the uptrend zone and capable of a further upward move.

Read more:
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