Bitcoin price analysis is bearish today as we have seen clear rejection from the $16,964 resistance early yesterday and consolidation later in the day. Since then, BTC/USD has started to decline again, resulting in an active test of the $16,821 mark. The past few days the bullish sentiment has been waning, and the price is now back in the $16,821 area. If the bulls can defend this level it could be a sign that BTC/USD will soon be able to resume its upward move. However, if the price closes below $16,790 it may indicate that a deeper correction is underway and could send the price to the next major support at $16,780.
The market cap of Bitcoin is currently at $324 billion indicating that BTC is still the most dominant cryptocurrency in terms of market capitalization. The 24-hour trading volume is at $15 billion, which is lower than the average daily volume of around $20 billion.
Bitcoin price movement in the last 24 hours: BTC failed to continue higher
The 1-day price chart for Bitcoin price analysis shows, bears have decreased the price covering the downward range from $16,790 to $16,964, as the BTC/USD is trading at $16,821 exactly at the time of writing. Despite the down move, the BTC/USD was on gain the previous day, but it failed to continue higher. The Relative Strength Index (RSI) is bearish and currently at 45.87 indicating that the bears are still in control. The Moving Average (MA) is at $16,659 and is moving lower.
The daily chart price analysis reveals BTC opened the daily trading session at an intraday low of $16,806 and has since moved sideways forming a descending triangle pattern. The price is trading within the SMA 200 and 100 curves, indicating that the trend direction is bearish in the long-term outlook. Moreover, the MACD histogram shows an increase in selling pressure and is currently residing below the zero line.
BTC/USD 4-hour price chart: Bitcoin Price stuck in a range
The 4-hour chart price analysis reveals Bitcoin price analysis shows the bears have fully taken over the market as the BTC/USD is trading below the resistance of $16,964. The Bullish might come into play if the price rises above this level. The buyers are struggling to keep the price above $16,821 as it has failed to do so multiple times in the past few hours.
The 50-day SMA has crossed below the 200-day SMA, indicating a strong bearish trend. The MACD is showing increasing selling pressure and is trading in negative territory. Moreover, the RSI is currently near the oversold level of 30 and could see further downside unless buyers come into play soon. The moving averages shown on the hour chart are bearish as the 50-day moving average has crossed below the 200-day moving average.
Bitcoin price analysis conclusion
Bitcoin price analysis reveals the cryptocurrency to follow a strong downward trend with much more room for bearish activity. However, the bears have currently taken over the market, and the declining volatility favors the bears. However, as a result, the bull might come into play if the price rises above the resistance of $16,964.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve
