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Bitcoin ($BTC) crashes once again: Technical Analysis, 22nd August 2022

Bitcoin price analysis Aug 22 2022
Source: $BTC/USD (Tradingview)

Bitcoin ($BTC), has crashed once again, and the ripples of this decline can be felt all across the crypto sphere. Because eventually, $BTC prices affect the rest of the altcoins in the market.

After months of enduring the bears, Bitcoin ($BTC) started showing signs of improvement and on the 12th of July, the coin started rising up the charts from the support level of $19449.15. 

The price action was favorable enough to help $BTC climb up the charts and reclaim resistance at $24268.97, on 13th August.

However, the following week has not been supportive of the gradual growth pattern. 

In fact, $BTC took a major hit, mostly because of aggressive selling pressure from holders. The price declined sharply to find support at the $20977.65 level just a couple of days back.

The Relative Strength Index (RSI) hovered at around 45, which undoubtedly is not a strong position to be in. 

Also as the chart above pointed out, the Moving Averages (MA) projected a considerable decline on the histogram. 

The selling pressure is ongoing and it is aggressive at the moment. 

Unless the buyers kick in and support the coin as it is needed, it is hard to tell when and how $BTC will break through the resistance barrier.

At the time of writing, $BTC traded at 21271.16, suffering a critical decline of 1.24% over yesterday. 

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