Bitcoin Price Analysis for August 16

Bitcoin has performed exquisitely well over the past few weeks. Since July, the benchmark cryptocurrency has grown by about 30% against the US dollar, performing better than most other macro assets.

For some days now, Bitcoin, Etheruem, and Ripple have exerted dominance over the weakening US dollar. BTC continues to hold its gains above the $11,200 level and the 100 simple moving average on the 4-hour chart.

Bitcoin in a recent fall found strong support at the $11,276 level, which helped it secure a bounce to the $12,000 resistance and is currently consolidating its gains.

Key Levels To Watch

New near-term support has been formed at the $11,800 mark. The major support, however, is at $11,650. Subsequent support can be found at the $11,500 and $11,350 on our 4-hour chart.

On the flip side, a healthy break and close above the anticipated $12k resistance could open BTC up to see the $12,100 (2020 high), $12,400, and $12,600 levels in the near term.

Meanwhile, Bitcoin continues to remain in a strong consolidation range between $11,990 and 11,650. Also, the rising wedge remains strongly in play as it has not been broken above or below despite the seeming erratic BTC price action in the past few days. A break below this wedge could trigger a sharp sell-off in the near-term.

Meanwhile, the MACD indicator has shown a breach above the previous prevailing trendline, indicating that BTC could witness an upwards trajectory soon.

Total Market Capital: $374.7 billion

Bitcoin Market Capital: $219 billion

Bitcoin Market Dominance: 58.5%

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