Bitcoin price analysis: BTC struggling amid downtrend as price holds $16,548

Bitcoin Price analysis

TL;DR Breakdown

  • The latest Bitcoin price analysis shows a decline in the price
  • BTC/USD faces rejection at the $16,642 mark
  • Support is still quite strong as it is present at $16,416

The Bitcoin price analysis shows that the cryptocurrency has gone through a bearish momentum in the latest price chart. The bearish momentum has been continuously at a peak, as the last hours have seen a major decline in the price value. The price has lowered to the level of $16,548, causing a reversal in the uptrend that followed earlier this day. As the short-term trending line is also showing downward movement, further reduction in price can be expected.

image 466
Cryptocurrency heat map. Source: Coin360

However, some support is still quite strong for BTC. The $16,416 mark served as a strong floor of support in the past price movements, and this level is likely to hold again in the near future. Additionally, the resistance is at the $16,642 mark, and if this level continues to hold, the price of Bitcoin may see a resurgence in the near future.

BTC/USD 1-day price chart: Bears debase coin value ruining further chances of improvement

The 1-day Bitcoin price analysis is indicating that the price has undergone a major decline today. That has been made possible by the bears who have been able to interrupt the successive bullish wins. The bears have taken the price value down to $16,548 with a 0.32% loss in the last 24 hours. The price has been trying to gain momentum for the entire day but after holding out strong at the $16,642 mark, it debased further.

image 467
BTC/USD 1-day price chart: TradingView

Looking at the 1-day moving average graph shows that there is a downtrend on this chart. The price is still present below the Moving Average (MA) value which is currently set at $16,500. The Bollinger bands have resulted in increased volatility which is a partially negative indication for the future. The Bollinger band indicator in the 1-day price chart is displaying the following figures; the upper band is showing a $17,869 value whereas the lower band is showing a $15,501 value. Lastly, the Relative Strength Index (RSI) has also taken a sharp turn toward the downside and has decreased up to 36.91.

Bitcoin price analysis: BTC bulls receive a great shock as price movement reverses abruptly

The 4-hour Bitcoin price analysis is going strongly bearish as the cryptocurrency has gone through a major loss in the last hours. The BTC/USD price has dropped to the $16,548 level, which has been an unexpected blow. The bullish momentum that was present earlier in the day has been completely reversed following a sharp movement of price from $16,642 to $16,548. This sudden change has caused an abrupt reversal in Bitcoin’s uptrend and bears now seem to be gaining control over the market.

image 468
BTC/USD 4-hour price chart: TradingView

Meanwhile, the 4-hour price chart is also showing the Moving Average to be at $16,502, and the Bollinger bands average at $16.543. The SMA 20 curve is also going downwards after covering a note-worthy distance through ascending movement.

Moreover, the upper Bollinger band is found at the $16,613 level whereas the lower half is touching the $16,434 level. The Relative Strength Index (RSI) score has also decreased significantly because of the ongoing bearish activity and is now present at 52.38.

Bitcoin price analysis conclusion

: Overall, it seems that the current price movement is indicating a bearish trend for Bitcoin price analysis. The Bitcoin price movement is expected to continue in this direction for some more hours. However, we can expect a reversal in the trend if the short-term trending line starts moving upward. It could be possible that Bitcoin bulls don’t give up their fight soon and start building support at $16,416, which would again trigger an uptrend in the price value of BTC.

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.

Ann Mugoiri

Ann Mugoiri

Ann likes to write about crypto and blockchain technology. She has been following the development of these technologies for a few years and believes that they have the potential to disrupt many industries.She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.

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