Bitcoin Price Analysis: BTC rests above $47k support as fear sets in, needs to break important trendline

Bitcoin price analysis

TL;DR Breakdown

  • Bitcoin price analysis remains bearish for today, with no signs of recovery.
  • The nearest price resistance remains untattered at $50,800.
  • The price support at $47,000 holds as BTC tests the support for the 6th time

Bitcoin price analysis remains bearish for today as the king of cryptocurrencies is unable to break the important resistance level above $50,800. The prices fell down below this level on Dec 4, and since then, bulls have tested this resistance multiple times, only to end up near the support levels.

The data from CoinMarketCap shows that the world’s biggest cryptocurrency isn’t bullish at all. The market cap of the token dropped by another 2.23% as BTC finally dropped below the market cap of $900 million.

The daily candle for Friday opened at $47,535, reaching a daily high of $50,125, finally dropping to a daily low of $47,251. The data from Alternative.me suggests that the market sentiment continues to remain in fear.

Bitcoin price analysis via patterns

The chart pattern below shows an important trendline that has been acting as a price resistance for the world’s biggest cryptocurrency. As per our chart analysis, the Bitcoin price action needs to break above this resistance trendline in order to have hope at a price recovery. Currently, this trendline indicates that Bitcoin has been following a downtrend.

Bitcoin Price Analysis
Bitcoin Price Analysis on the chart by TradingView

Bitcoin price analysis via patterns

The MACD indicators show that Bitcoin failed a bullish divergence on multiple occasions in the last few weeks in the daily chart. As per our Bitcoin price analysis, it seems that the world’s biggest cryptocurrency will continue on a bearish trend as investors are in a state of fear. The MACD histogram continues to follow a bearish outlook as the MACD line remains below the signal line.

Furthermore, the RSI indicator shows that Bitcoin is about to enter the oversold region. Historically speaking, the oversold region has been a great buying opportunity which has been followed by huge price spikes. The gradient remains negative, which might eventually lead to the prices crashing in the oversold region, eventually picking the pace.

Bitcoin Price Analysis: BTC rests above $47k support as fear sets in, needs to break important trendline 1
Bitcoin Price Analysis on the chart by TradingView


Our Bitcoin price analysis can be concluded on a bearish note for today as the token is unable to maintain its bullish stance. On the other hand, the aSOPR indicator just hit a 4-month low which shows that the market is not overheated and investors are holding on to their tokens as well.

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Parth Dubey

Parth Dubey

A writer, an author, a freelancer with writings in over 50+ niches, an editor, a proofreader, a music enthusiast, a YouTuber, a podcaster, and someone, who puts consistent efforts each day to make sure his creativity is noticed. What's more? I love cryptocurrencies.

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