Bitcoin price analysis: Bears drive BTC down to $22,600 as bears gain momentum

Bitcoin price analysis

TL;DR Breakdown

  • After the recent downturn, the BTC/USD has been reduced to $22,600
  • Bitcoin price analysis shows a bearish trend, in general
  • Right now, support for cryptocurrency is present at $22,458

Bitcoin price analysis shows that the BTC/USD pair is trading in a bearish trend and is currently being pressed down by the bears. The pair failed to maintain its bullish momentum and dropped further to $22,600. The market followed the bullish trend for the previous day, and the coin gained significant value during this time, but a correction was due for continuing further upside later on. The conditions have changed as the bears have resisted further up moves today, and the crypto pair has started a correction. However, support is present at $22,458, and if the bulls maintain their grip here, we can see a recovery in the price.

image 160
Cryptocurrencies price heat map, Source: Coin 360

The market cap for BTC is estimated to be $432 billion, while the trading volume of BTC over 24 hours is around $28 billion. The overall market sentiment is bearish, and the bears are dominating the market with more selling pressure.

Bitcoin price analysis 1-day price chart: BTC/USD pair descend to $22,600

The 1-day price chart for Bitcoin price analysis shows bears are defining the price curve today. The BTC/USD is correcting after the bullish recovery of yesterday. The BTC/USD pair is trading hands at $22,600 at the time of writing losing over 1.31% of its value in the last 24 hours as shown by the chart. The past week overall proved detrimental for the crypto pair as it lost around 5.98 percent value over this time despite the recovery made during the past two days. And today, the selling pressure has returned, and the trend is the same as the bears are defining the price function by bringing the price down.

image 158
BTC/USD 1-day chart, source: TradingView

The MACD chart has generated a bearish crossover as the signal line is trading below the MACD line, which supports the bearishness in the market. The current RSI value is standing at 69.03, which indicates a lack of buyers in the market and puts BTC/USD under the bearish cycle. The 20-SMA is above the 50-SMA which reflects that the bearish trend is here for some more time. The 50-day moving average is currently standing at $22,535, while the 200-day MA is at $23,159. The overall market sentiment for BTC/USD still looks bearish as the bulls are struggling to regain lost ground.

Bitcoin price analysis 4-hour chart: Bears resist further up moves

The four-hour Bitcoin price analysis shows a continuous decline in the coin’s value, as a massive fall has been observed in the past few hours. This is because the bears have made a comeback and are striving hard to win back their lead. The selling momentum is increasing, which is why the coin value leveled off at $22,600. The sudden bearish sweep has had devastating effects on the buyers. The moving average value is to cross below the SMA 50 curve, which is currently present at the $22,764 mark.

image 159
BTC/USD 4-hour chart, source: TradingView

The downward trend is expected to extend further in the next few hours. The Relative Strength Index (RSI) graph shows a bearish curve as the score keeps dropping and has reduced to an index of 44.27. The MACD chart is also in the bearish zone, which confirms the downtrend. The orange line has crossed the blue line, and this signifies that the bears are reinforcing their grip.

Bitcoin price analysis conclusion

The Bitcoin price analysis shows that the coin is correcting today and may continue to follow a downtrend for today as the broader market is bearish as well. The support present at $22,468 is strong enough to keep the crypto afloat above, but if the support falters, then BTC/USD may roll down toward the $22,300 mark. The overall market sentiment is bearish, and the bears have resumed the selling pressure driving prices down. Investors should be cautious while making any move in this volatile crypto market.

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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