The latest Bitcoin price analysis for today suggests that the bearish pressure is mounting in the market and the BTC/USD pair is facing strong resistance around $22,770. The cryptocurrency has been under the bearish lead for the past few days, and the trends have been the same for today as well. The bears have been successful in maintaining their presence on the price chart, as the red candlestick is indicating a further loss in price up to $21,809.
The $22,000 is a key level that was being watched by Bitcoin traders as it marks the start of a major resistance zone. If this level is breached, we could see a bullish reversal and Bitcoin’s price may surge in the short term. However, if this level holds, the bears will maintain their lead over the market. The next key support for Bitcoin lies at $21,738. This is a critical level that will determine the future trend of Bitcoin’s price. If this level holds, we could see the market enter into a consolidation phase, allowing traders to take profits from the recent uptrend.
BTCUSD 1-day price chart: Bearish pressure results in a declining trend for BTC
Looking at the 24-hour Bitcoin price analysis, we can see that the bears are still firmly in control of the market. The red candlesticks on the chart indicate a further loss in BTC/USD, and this trend could continue until we reach a new support level at $21,738. At the time of writing, the market is trading at $21,809 and losing momentum as the bearish pressure intensifies with 4.26 percent in the last 24 hours.
The 24-hour trading volume has also declined in the past few days, which suggests that traders are taking profits from the recent uptrend, While the market cap stands at $406.1 Billion, which is slightly higher than the previous day’s figure. It will be interesting to see how Bitcoin responds to this bearish pressure and if it can break into higher resistance levels in the near future.
The moving average (MA) has also traveled low and is present at the $22,867 marker. The SMA 50 curve is traveling above the SMA 20 curve as the bearish trend is evidently getting stronger. The increase in volatility has taken the upper Bollinger band value to $23,966 and the lower Bollinger band value to $ 22,003. The Relative Strength Index (RSI) indicator is at 66.09, which suggests that Bitcoin is oversold in the market and could see some buying pressure soon.
Bitcoin price analysis: Recent developments and further technical indications
The hourly chart for Bitcoin price analysis shows a strong downtrend in the market, with the price dropping from its local high of $22,552 to its current position of $21,809. The short-term trending line is also descending as the bears have been showing control over the market for the past few days. The last four hours have proved damaging for the cryptocurrency value, as well as the price declined on a noticeable level as it has stepped below the upper limit of the volatility indicator.
The Bollinger is also contracting, which could mean that the volatility level is decreasing in the coming days and this could open doors for buyers to enter the market. The Upper Bollinger band value is at $23,678 and the lower Bollinger band value is at $21,543. The Stochastic RSI has crossed below the 50 mark and is traveling near the lower level of 30. The moving average is at $22,125 and is trending downwards.
Bitcoin price analysis conclusion
The overall Bitcoin price analysis reveals a strong downtrend in the market, where bears are controlling the price chart. However, if we see some buying pressure enter into play, then we could expect a reversal in the near term. The key support level of $21,738 is still holding strong, and if this level holds we could see a consolidation phase entering the market. It will be interesting to see how Bitcoin responds to this bearish pressure in the days ahead and whether it can break into higher resistance levels in the near future.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve
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