Bitcoin price analysis shows BTC is trading in a bearish flag pattern, trading at a range bound of $21,500 -$22.50.Bitcoin dipped to a low of $21,542 on the daily chart and is facing multiple resistances at $22,000, with the 100-day moving average also proving to be a strong resistance.
Cryptocurrencies price heat map, Source:Â Coin 360
Bitcoin is trading at $21,675.80, down by 0.44% in the last 24 hours. Bitcoin’s trading volume has dipped by 40% in the last 24 hours, with a total of $17.1 billion traded. Bitcoin is trading below the MA50, MA100, and MA200 of $22,000, with the 50-day moving average acting as a major support. The next key levels of support for Bitcoin price analysis are $20,800 and $19,800.On the upside, BTC is facing strong resistance at $22,000.If the bulls can break this barrier, we could see a rally to $23,000 in the near term.
Bitcoin price analysis on the daily chart: Bears are dominating the market
Bitcoin price analysis on the daily chart shows that BTC is trading in a bearish flag pattern, with resistance at $22,000 and support at $21,500. The 100-day moving average has been acting as strong resistance for Bitcoin price analysis. If the bulls can break this level, we could see a rally to $23,000. On the downside, if Bitcoin breaks below $21,500, we could see a sell-off to $20,500.
BTC/USD 1-day chart, source:Â TradingView
The technical indicators are signaling a bearish outlook for Bitcoin price analysis. The MACD is in the negative zone and is trending downwards, which indicates that bears are dominating the market. The RSI indicator has dropped below 50, indicating a bearish market sentiment.
The Exponential Moving Average (EMA) is also trending downwards and has crossed below the MA50, indicating a bearish outlook for Bitcoin price analysis. The next key levels to watch are $20,800 and $19,800 while the resistance levels to watch are $22,000 and $23,000.
BTC/USD price analysis on a 4-hour chart: Bears remain adamant in pushing prices lower
Bitcoin price analysis on the 4-hour chart shows that BTC is trading in a bearish channel formation with strong resistance at $22,400. The 100-period EMA has acted as strong support for BTC, and the price is currently trading above this level. Bitcoin’s price has been consolidating around the $21,600 mark and the bulls are struggling to push prices higher.
BTC/USD 4-hour chart, source:Â TradingView
Bitcoin has formed a bearish divergence on the RSI indicator, which indicates that the bears are still in control of the market. The MACD is also trending downwards, indicating a bearish trend for BTC. The next key levels of support are $21,400 and $20,800 while the resistance levels to watch are $22,400 and $23,000.
Bitcoin price analysis conclusion
Bitcoin price analysis for today shows that BTC is trading in a bearish flag formation and the bears are dominating the market. The key levels to watch are $20,800 and $19,800 while the resistance levels to watch are $22,000 and $23,000. The technical indicators also signal a bearish outlook for Bitcoin price analysis.]
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve
