Bitcoin price analysis confirms a prolonged bearish bias the price hovers near $19k support. The bearish trendline is pushing the BTC/USD pair to fresh new lows on the charts. The pair turned sharply lower and touched $18,540. However, it quickly recovered to $19k level and is oscillating near the same.
Risky assets are under pressure even in the macro markets as global economies go through the inflation control measures. The aggressive tightening policy across the board is shaking up the markets. The cryptocurrency market is also experiencing shocks from the macro front. The bear market is now prolong and the BTC/USD pair is turning towards new lows every day.
Bitcoin price movement in the last 24 hours: BTC touches $18,540
The critical overhead resistance near $20,000 is cementing itself as a major roadblock. The journey towards $20,000 is getting steeper every day as the bears pile up selling pressure. Bitcoin price analysis shows the pair moving in between $19,500 and $20,349. The bias is clearly bearish and the strong support zone near $18,000 has proven itself for now. Instead of a sharp move lower, the price is gradually slipping towards $18,000 level.
The bears will try to move even lower and break the trendline from the January time period. So, the next level to watch out for is $17,600 where the lower end of the above trendline rests. The 20-day EMA is also moving lower and the Relative Strength Index has entered oversold territory once again. Bears are firmly in the driving seat on the daily timeframe.
BTC/USD 4-hour chart: Bearish continuation pattern rules the charts
The consolidation has given way to lower price levels as the pair broke the $19,000 threshold. The large candle indicating the $18,540 lows shows that the bears have the requisite ammo to demolish the price even further. As per Bitcoin price analysis, the $18k support level is the one bears will target this week as the bulls will gather momentum.
The clash for the driving seat is likely to occur at $18,000 level where the bulls and bears would enter into a fierce battle. It is also the place where a potential reversal of price can occur. Technical indicators shows that RSI is into the negative zone under 30 region. Also, the MACD is clearly showing a continuation of the bearish crossover. The flag and pole pattern is fully materialized as the pair shows no support zone acting tough according to Bitcoin price analysis.
Bitcoin price analysis conclusion: BTC bulls are awaiting lower levels
The current price trajectory is heading towards $18,000 lows. The bulls are likely to start buying at lower levels near $18,500 where day traders will look towards bounce back in the price. Also, the macro events like rate tightening in various countries will affect the BTC price analysis.
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