Bitcoin price analysis: BTC gets support at $43,105. Support floor confirmed?

Bitcoin price analysis BTC gets support at Support floor confirmed

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • Resistance for BTC/USD is present at $44,477.
  • Bitcoin finds support at $43,105.

The Bitcoin price analysis is bullish for today, as the coin has finally got support at the $43,000 range after falling from the $46,500 range. BTC peaked at $47,504 on 29th March, which was the highest after 1st January 2022; afterward, BTC entered consolidation from 30th March, BTC continued to consolidate till 4th April and took a downward breakout losing around eight percent value, until the support appeared at $43,105 marker. Currently, the price has recovered to $43,479, the recovery is minimal, but it has at least stopped the steep downfall of the King cryptocurrency.

BTC/USD 1-day price chart: Bulls back on track after saving price from falling below the $43k range

As per the daily chart for Bitcoin price analysis, the crypto pair has finally got support, as the price has been on the recovery today after falling down for the last two days. The BTC/USD is trading hands at $43,479 at the time of writing after recovering for the last 12 hours while still reporting a loss of 4.17 percent in value over the last 24 hours and a loss of 8.03 percent over the past seven days. The market cap has suffered by 4.07 percent during this time. However, the trading volume has increased by 5.81 percent. As the price is on recovery, the nearest resistance is present at $43,950, followed by another stronger resistance at $44,477.

Bitcoin price analysis: BTC gets support at $43,105. Support floor confirmed? 1
BTC/USD 1-day price chart. Source: Tradingview

The volatility is high as the volatility indicator is still covering a larger area after some degree of convergence. The upper limit of the indicator at $48,700 represents the strongest resistance for BTC, whereas its lower limit indicates the strongest support for BTC, and the mean average of the indicator is forming above the current price level at $44,704.

Due to the strong downtrend of the last two days, the moving average (MA) has started to travel downwards as well and may go through a crossover with SMA 50 curve soon if the price levels remain near the current price. The relative strength index (RSI) has also taken a turn and has stopped the downwards movement. The upwards curve of the indicator is still at a humble angle which hints at the bearish pressure.

Bitcoin price analysis: Recent developments and further technical indications

The 4-hour Bitcoin price analysis shows that the coin took an upwards price breakout today. The trend remained bearish for the last 40 hours with negligible bullish activity in between. But the circumstances changed today, and the price trend has been upwards for the last 12 hours now as the price has recovered to $43,479 now.

Bitcoin price analysis: BTC gets support at $43,105. Support floor confirmed? 2
BTC/USD 4-hours price chart. Source: Tradingview

The moving average value is far above the BTC price, as it is present at the $44,081 level. The volatility is increasing continuously, which is a positive signal for cryptocurrency. The Bollinger bands are keeping their average at $45,230, whereas their upper value is found to be at $47642 and the lower value at $42,818. The price has finally recovered above the lower band. Lastly, the RSI score, as determined from the 4-hours price chart, is present at index 28, which is in the underbought region, but the score is increasing at a slow pace as the indicator’s curve line is slightly upwards.

Due to the recent bearish wave, which plunged the price levels steeply during the last two days, the technical indicators are mostly bearish. The oscillators are mostly neutral, but the moving averages are putting their weight on the bearish side. Overall the majority of the technical indicators are giving sell signals, and only a few are pointing towards the buy signal, thus indicating a bearish shadow over the BTC price function.

Bitcoin price analysis: Conclusion

The Bitcoin price analysis suggests the king crypto is recovering today after a steep loss. The price function is headed upwards, but the recovery speed is slow, which hints that the bearish pressure still weighs on the BTC price function. BTC needs more support from the bullish side to rise to at least the $45,000 level to break out of the current bearish pressure.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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