Bitcoin Price Prediction for Today, August 8: BTC Touches $24,000 Resistance
The Bitcoin price prediction revisits the resistance level of $24,000 as the king coin targets a $25,000 high.
Bitcoin Prediction Statistics Data:
- Bitcoin price now – $23,950
- Bitcoin market cap – $457.4 billion
- Bitcoin circulating supply – 19.1 billion
- Bitcoin total supply – 19.1 billion
- Bitcoin Coinmarketcap ranking – #1
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $31,000, $33,000, $35,000
Support Levels: $19,000, $17,000, $15,000
BTC/USD is recovering towards the upside as the first digital asset crosses above the 9-day and 21-day moving averages. For the past few days, the Bitcoin price has been moving sideways as the king coin hovers around the moving averages.
Bitcoin Price Prediction: Would BTC Spike to the Upside
At the time of writing, traders could see that the Bitcoin price is recovering from its opening price of $23,180, but the coin is gradually following the bullish movement. However, the technical indicator Relative Strength Index (14) is likely to cross above the 60-level in an attempt to probably visit the upside.
Nevertheless, a clear break above the resistance level of $25,000 could set the pace for a larger increase to $31,000, $33,000, and $35,000 resistance levels. Meanwhile, should the Bitcoin price fail to clear the resistance level of $24,000, it may continue a new decline below the moving averages. Therefore, if there is a downside break below the $23,000 level, the price could hit the support levels of $19,000, $17,000, and $15,000.
BTC/USD Medium-term Trend: Ranging (4H Chart)
According to the 4-hour chart, BTC/USD looks bearish as the market is currently showing a sign of a bullish movement. However, following the recent rebound at $23,842 which is now a key support level, the king coin is expected to stay above this level. Meanwhile, any bearish movement below the 9-day and 21-day moving averages could locate the support level at $22,500 and below.
However, considering the recent sharp rebound, the Bitcoin price may revisit the resistance level of $24,000. A climb towards the upper boundary of the channel may further push the BTC price to the resistance level of $26,000 and above. As it appeared now, it seems the bulls may return to the market as the Relative Strength Index (14) remains above the 60-level.
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