The latest Bitcoin price analysis reveals that the bears have taken control after a long period of the bulls dominating the market. The BTC was hovering above the $30,000 region for a long time until recently, when it fell below this key level. The decline is rather significant and could have an impact on the digital currency’s future trajectory.
Cryptocurrencies price heat map: Coin360
The fall was mainly attributed to sellers targeting large traders who established long positions at higher levels. This selling pressure caused BTC to plunge and also violated the $30,000 psychological barrier.
The next big level of support is at $29,376, which is a crucial level to watch. If the price slips below this mark, then we could see the BTC plunge further. On the other hand, if it manages to remain above this support zone, then it might be able to recover some of its losses and make an attempt at breaking back above $30,000.
Bitcoin price analysis 24-hour chart. BTC steps down to the $29,000 range.
The 24-hour Bitcoin price analysis chart shows that the market has been in a downtrend for the past few hours. The cryptocurrency started the day at $30,339, but since then the bearish pressure has taken over and pushed the digital currency to a low of $29,379, losing around 3.66 percent of its value in the process.
The market capitalization for BTC is at $567 billion, with the trading volume over the past 24 hours being recorded at $18 billion. The dominance index for BTC is still at 44.82%, showing that it is still the most dominant cryptocurrency in the market.
BTC/USD 1-day price chart, source: TradingView
The Bollinger bands on the daily chart for BTC/USD are narrowing, which suggests reduced volatility in the market. This could be a sign that the price action is losing momentum and could be set up for a period of consolidation before making the next move. The moving average indicator is showing that the 50-day MA is above the 200-day MA, indicating a bullish trend in the market. The relative strength index (RSI) shows that there is still some room to go down as it’s currently at 58.23 and moving down.
Bitcoin price analysis: Recent development and further technical indicators
The 4-hour price chart for Bitcoin price analysis shows that a small overtake has taken place from the bears, which caused quite damage in today’s trading session, intensifying the bearish momentum. The momentum has been relatively stronger as the price has dropped drastically; however, support has also appeared as the price has slightly recovered back to $29,379 during the last few hours. Nevertheless, the trending line is going towards the negative side now.
BTC/USD 4-hour price chart, source: TradingView
The moving average on the hourly chart shows is currently at $30,023 and is moving toward the downside. The RSI indicator is also in the bearish territory at 30.80, and if bearish momentum continues, then the BTC could be headed to the $29,000 level in the next few days. The Bollinger bands are also converging, which is an indication of reduced volatility. The upper Bollinger band is at $330,941, whereas the lower Bollinger band is at $29,577.
Bitcoin price analysis conclusion
Overall, the Bitcoin price analysis is trading in a sideways pattern, as the buyers and sellers are still struggling to take control of the market. The trend line is going toward the negative side, suggesting that the bears are dominating. The buyers need to gain some strength and push back the price above the $30,000 level.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve
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