Bitcoin price analysis indicates a downtrend in market sentiment, as bears disrupted the bullish trend that had been sustaining BTC. Prices dropped down from $23,000 to $22,917 which was the lowest point today. Bears flourished during the last few hours as selling pressure increased in the market, and the bullish trend came to a halt. Though the last days proved good for the coin, bears successfully took over and reversed the price function, and indications are there for a further decrease in price. The price trendline is downwards from the last week.
The coin is currently trading around the support level of $22,731, where a slight recovery in an upwards direction can be seen. The price was testing the resistance levels at $23,367 as well but bears seemed to have some control over the price. The market sentiment is still bearish and therefore, the coin might continue its downward trend.
If bears keep holding the power over BTC, then the price may go below $22,800 in the upcoming days. Moreover, a further decrease in prices is also possible if it fails to find support at $22,731. Therefore, traders and investors should take caution while dealing in the market. It is essential to have a comprehensive understanding of the situation before entering into any new trading positions.
The overall crypto market cap has also decreased by more than $441 billion and has been struggling to gain momentum. The coin market also saw a considerable loss, with Bitcoin still dominating the crypto space with more than 41% dominance over other major coins.
Bitcoin price analysis 24-hour price chart: BTC struggles to sustain the $22,731 support level
Looking at the 24-hour chart, it can be seen that Bitcoin analysis has been struggling to maintain its support at $22,731. LTC shows bears are pulling the price down and seem successful in their attempts. Price is decreasing gradually as bears continue their lead. The past few hours proved insignificant for the cryptocurrency. The BTC/USD pair traded between the range of $23,367-$22,731 today and is trading hands at $22,917 at the time of writing losing more than 0.96% of its value.
The 20-SMA shows a bearish crossover with the 50-SMA, which indicates a bearish market trend. The MACD has also been trending downwards for quite some time and is currently below the -237 lines in the negative territory. Furthermore, the RSI decreased to 38.11 as it went deeper into the bearish zone. The RSI is indicating strong selling pressure in the market, as more sellers appear to be taking control of the coin. The moving average indicator is currently at $23,022.
Bitcoin price analysis: Selling pressure appears to be increasing
The 4-hour price chart for Bitcoin price analysis shows price is dropping every hour, but not at a huge rate. There are chances of a sharp price drop as well in the coming hours. The bulls need to gain momentum from the support level of $22,731 to pull the prices up. But at this moment, bears seem to be in more control due to the increased selling pressure. The 50-day moving average and the 200-day moving average are also trending downwards, indicating a bearish mood in the market.
The MACD indicator is reddish in color, presenting a bearish trend, but the histograms’ light red color shows not a very intense bearish trend but a clear indication of active selling activity happening at the time of writing. The RSI is at 45.19 and heading downwards, which implies the selling pressure is still increasing in the market. The moving average (MA) is hovering below the price level in hourly charts at $23,066.
Bitcoin price analysis conclusion
In conclusion, the bearish trend appears to be dominating the market and is likely to continue in the near future unless the bulls make a significant attempt to take control of Bitcoin price analysis. The coin should remain under pressure in the upcoming days and investors should keep an eye on this situation before making any trading decisions. A further decrease in prices is also possible if it fails to find support at the current $22,731 level.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve