- Bitcoin price analysis suggests sideways movement above $44,000
- The closest support level lies at $45,000
- BTC faces resistance at the $46,000 mark
The Bitcoin price analysis shows that after dropping to the $44,000 mark, BTC has made a strong recovery above the $44,000 support. Since then, the price has remained above the mark but failed to cross above the $46,000 mark due to strong resistance faced by the asset over the weekend.
The broader cryptocurrency market observes a bullish sentiment over the last 24-hours as most major cryptocurrencies record a positive change over the period. Major players include ALGO and DOT that record a 20.00 and a 16.47 percent incline respectively.
Bitcoin price analysis: Price oscillates as speculation runs high
Across the technical indicators, the MACD is bullish as exhibited by the dark green histogram. However, the indicator shows low bullish momentum as the green histogram is very small at press time. The indicator exhibited a bullish crossover two days ago and has remained green since. While the momentum increased in the start it stagnated as the price closed into the $46,000 mark.
The EMAs are currently below the mean and move towards the x-axis. The EMAs are moving upwards but with a gentle slope as BTC continues oscillating around $46,000.
The RSI is currently neutral but trades low showing a selling pressure affecting the price action. Currently, the indicator is moving downwards as the Bitcoin price analysis shows another rejection from the $46,000 mark.
The Bollinger Bands are currently narrow and have observed a drastic convergence in the past three days as the Bitcoin price started oscillating between the $0.240 and the $0.260 mark. Currently, the bands’ limits are moving horizontally suggesting a dropping trade activity for the currency. Overall, the bands indicate that BTC volatility would remain low across the short term.
Technical analysis for BTC/USDT
Overall, the 4-hour Bitcoin price analysis issues a sell signal with 15 of the 26 major technical indicators suggesting a downwards movement across the timeframe. On the other hand, only one indicator is issuing buy signals suggesting a low bullish presence at the current price level. At the same time, ten of the indicators remain neutral and do not issue any signals at the time of writing.
The 24-hour Bitcoin price analysis does not share this sentiment and shows 10 indicators in favor of the bulls against eight indicators supporting the bears. The analysis exhibits a negative sentiment suggesting downwards movement for BTC. Meanwhile, the remaining eight indicators sit on the fence and do not support either side of the market.
What to expect from the Bitcoin price analysis?
The Bitcoin price analysis suggests further sideways movement as BTC looks for bullish support. The market sentiment is strongly bullish but the technical indicators show bullish exhaustion in the short-tern, Traders should expect another drop to the $44,000 mark before the price climbs above the $46,000 mark.
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