Bitcoin price analysis is showing a downward trend with the bears making a strong comeback after a brief period of consolidation. The bearish momentum that is increasing is likely to be seen in the near future, as the bulls remain sluggish at this point. The bulls were in control of the market a few days before the price drop in today’s trading.
If the bears keep up their momentum, then BTC/USD can possibly go down to $22,734 in the near future. However, also if the bull can put up enough pressure BTC/USD can possibly go up to $23,000, which was the price a few days before this bearish trend started.
Bitcoin price analysis 1-day price chart: Bears leading the price function
The 24-hour Bitcoin price chart is pointing to a bearish trend, with BTC/USD seeing decreasing highs and lows. The BTC token is down by 1.56% and currently trading at $22,825, as of the time of writing. The 24 trading volume is also on the decrease at the moment, and it is currently at $22 million. Although the market cap is still at a high of $ 440 billion, suggesting that the bulls might come back in the near future.
The bulls and bears are struggling to take control of the market, and it is difficult to predict which way the market will move. But currently, the bearish momentum is more dominant, and it is likely that BTC/USD will go down to $22,734 in the near future. The Moving Average (MA) value is at $23,276, which is still above the SMA 50 curve. The MACD indicator is in the bearish zone and is currently at 972.83, which also indicates that there might be a deeper correction of BTC/USD in the near future. The Relative Strength Index (RSI) is at the level of 73.84, indicating that BTC/USD will not reach any extreme levels in the near future.
Bitcoin price analysis 4-hour chart: Support at $22,734 which is a crucial level
The 4-hour price chart Bitcoin price analysis shows that a small overtake has taken place from the bears, which caused quite a damage in today’s trading session, intensifying the bearish momentum. The momentum has been relatively stronger as the price has dropped drastically; however, support has also appeared as the price has slightly recovered back to $22,734 during the last few hours. Nevertheless, the trending line is going towards the negative side now.
The hourly Moving average (MA) is currently at the $23,030 level, just near the current market price. The moving average convergence divergence (MACD) is also in the bearish zone, with the signal line crossing the MACD line. The relative strength index (RSI) is at 42.40, indicating that BTC/USD is neither in an overbought nor in an oversold zone.
Bitcoin price analysis conclusion
Overall, the Bitcoin price analysis is trading in a sideways pattern, as the buyers and sellers are still struggling to take control of the market. The trend line is going toward the negative side, suggesting that the bears are dominating. The buyers need to gain some strength and push back the price above the $22,825 level.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve
