Bitcoin price analysis: BTC coin suffers downtrend at $23,010 as bearish market sentiment continues

Bitcoin price analysis

TL;DR Breakdown

  • Bitcoin price analysis shows bearish market sentiment
  • BTC/USD is facing resistance at the $23,417 level
  • Support is found at $22,908 level

Bitcoin price analysis is bearish as the price has further declined today. The price levels have reduced to the $23,010 range, and a steady decline in BTC price has been going on since earlier today, as bears took the lead and changed the trend in their own favor, However, the bulls still have some power to keep the price steady, and support is found at $22,908.

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Cryptocurrencies price heat map, Source: Coin 360

The bulls are standing strong in terms of resistance as well, and have established a tough barrier at the $23,417 level. That said, if the bears manage to break through this level and sustain their momentum there could be further price drops.

The bull had taken the price up to $23,417 yesterday, but the bearish pressure has been too powerful to hold onto this level. The price is currently at $23,010 and unlikely to rise any further as the bears have a strong grip on the market.

BTC/USD 1-day price chart: BTC loses 0.71 percent as bearish pressure still persists

The 1-day Bitcoin price analysis shows the cryptocurrency is following the downtrend again, as bears have regained their momentum after yesterday’s practice. The coin value has started to decline again as it has reached $23,010, losing more than 0.71 percent value. The trading volume has also decreased by 24 percent, as investors are waiting for the decision of major investors that could affect the market.

image 609
BTC/USD 1-day chart, source: TradingView

The volatility is increasing as the Bollinger bands are expanding, which is not a positive indication for the future of cryptocurrency as the upper limit of the volatility indicator is showing more divergence upwards, and it has reached the $25,005 level. The lower limit of the Bollinger bands is at the $17,309 mark. The moving average (MA) is at the $22,876 mark, just below the current price level. The relative strength index (RSI) is trading in the neutral range and has dived down to index 83.47, which shows the high bearish pressure on the BTC price.

Bitcoin price analysis 4-hour price chart: latest bearish market sentiment weighs heavily on BTC

The 4-hour Bitcoin price analysis indicates that the bearish momentum has resulted in a further decline in the price value. The price has dropped to $23,010, as the trend has remained bearish for today. The current bearish sentiment is still ruling the market, and if it continues to stay so, then traders can expect more losses in the upcoming trading sessions. Traders should keep an eye on key levels and wait for clear signals from the market before entering any long or short positions

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BTC/USD 4-hour chart, source: TradingView

The Bearish is still dominating the trend as the price has faced a huge drop in the past few hours. The buyers have failed to show their presence and push the prices higher, which is why the bears remain in control. The Bollinger bands are contracting slightly but still point towards bearish pressure on BTC/USD pair. The MA is trading at the $23,042 mark while the RSI is down to index 55.75, showing a bearish trend in the market.

Bitcoin price analysis conclusion

Overall, the Bitcoin price analysis shows that the bearish pressure is still present in the market and it doesn’t seem to be going away anytime soon. If bears manage to break through the $22,908 support level then further losses are expected for the Bitcoin price. Traders should keep a close eye on the market movements and wait for clear signals before making any decisions.

While waiting for Bitcoin to move further, see our Price Predictions on XDCCardano, and Curve

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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