The Bitcoin price analysis reveals the cryptocurrency is continuing the downslide again after a single day of recovery. Bitcoin was covering a range downward since 14 December 2022 but got support at $16,803 today. The recovery process lasted only for one day, and selling pressure has appeared again as the price is decreasing today. Bears have brought the price down to $16,829, and the cryptocurrency price may go further down, and it may retest the $16,803 level.
BTC/USD 1-day price chart: Support for the coin is also present nearby
The 1-day Bitcoin price analysis shows that a further decrease in the price has been noted again today as the price has devalued to $16,829 at the time of writing. BTC shows a loss in price value amounting to 3.44 percent, which may increase over time as the price levels continue to recede. However, support is also present nearby at $16,803, which is the first defense line for bulls, followed by stronger resistance at $17,505, so the coin may get support in the coming hours. The market cap has also decreased by 3.47 percent, and the trading volume is also down by 10.8 percent today.
The volatility for the BTC has slightly increased as well as the Bollinger bands have diverged a bit. Now the upper band is at $17,505, representing resistance for the coin’s price function, and the lower band is at the $16,803 mark, which represents support for the crypto pair. The moving average (MA) is trading above the price level at the $17,282 mark.
Bitcoin price analysis: Bearish spell devalues BTC to $17,505
The four-hour Bitcoin price analysis gives a strong bearish indication as the bearish momentum is getting stronger with each passing hour. Although there have been variations and fluctuations in the price trends due to bullish attempts yesterday, the past four hours still proved to be favorable for the bears. Currently, the price has lowered to $17,505 of figures, and further loss is also possible if selling pressure continues. The moving average value for the four-hour price chart is found to be at the $17,301 level, and the MA curve is also traveling downwards.
The volatility on the 4-hour chart is also high, but now the indicator seems to be taking a downward breakout, which hints at a further loss in price value in the coming hours. the upper band is at the $18,204 mark, and the lower band at the $16,941 mark. The relative strength index (RSI) has been slipping down since the previous day and is trading at index 52.26 in the lower half of the neutral zone. The downward curve of the RSI indicates the selling pressure and the selling activity presently going on in the market.
Bitcoin price analysis conclusion
The Bitcoin price analysis suggests the price will fall further today as the entire market is under a bearish spell. BTC/USD crypto pair has already gone through extreme loss at the start of the trading session today, and it is expected that the cryptocurrency value will continue to decrease in the coming hours. But we expect the downfall to be of controlled nature.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve.