Bitcoin price analysis is showing a decrease in the market sentiment, starting with a bearish trend last week. Bitcoin has seen a significant decrease in its value over the past few days, dipping below $22,000 after reaching an all-time high of $24,000, last month. BTC/USD is currently trading at around $21,660, as of the time of this writing.
The bearish market sentiment is still present and if bearish momentum persists, then the coin may drop further. The next major support level for Bitcoin is at $21,460 and if the price breaks below this level then it could see a large sell-off in the market.
Most of the cryptocurrencies were affected by the bearish trend, especially Ethereum which saw a significant drop in its value. Bitcoin price analysis is indicating that investors may become reluctant to put their money into the market due to the high volatility and risk associated with it. The altcoin market has also been bearish in the past few days, with coins such as Solana, avalanche, and SHIB declining significantly in their value.
Bitcoin price analysis 24-hour price chart: BTC/USD is trading in a downward trend
The 24-hour price chart for Bitcoin shows that the coin has been trading in a downward trend for the last 24 hours. The price of the cryptocurrency has dropped to $21,660 today after failing to stave off bearish pressure. The value of the cryptocurrency has decreased by 1.49 percent over the past 24 hours and by 9.41 percent over the last 7 days. The market cap of the coin is also decreasing and currently stands at $417 billion, while the 24-hour trading volume is at $24 billion.
The moving average (MA) shows us the average value as calculated at $22,293, which is higher than the current price. The Relative Strength Index (RSI) score of 59.47 as well. The relative strength index shows Bitcoin’s momentum, which is bearish and suggests that the coin is oversold at current levels. The downward curve of the indicators hints at the selling activity in the market. The moving average convergences/divergences (MACD) is also bearish, with a signal line being below the MACD line.
BTC/USD 4-hours chart: Recent developments and further technical indications
The 4-hour Bitcoin price analysis reports show a major decline in the coin value to below $22,000 and a sharp bearish trend over the past few days. There has been constant selling pressure in the market today as the price levels kept sinking. Currently, the price is hovering around $21,660 and could drop even further if bearish momentum continues.
The Relative Strength Index (RSI) for Bitcoin is at 39.11 which means that the coin is oversold in the current market conditions. The moving average convergences/divergences (MACD) line has also crossed below the signal line, indicating that bearish dominance is prevailing in the market. The moving average indicator is still above the current price, which means that Bitcoin may recover from its losses if it can hold the support level of $21,460.
Bitcoin price analysis conclusion
The overall Bitcoin price analysis shows that the coin has been trading in a bearish trend and is facing strong resistance at around $22,000. The market sentiment seems to be declining as investors are becoming more cautious about their investments due to the high risk associated with them. Despite this, the coin is still trading above its crucial support level of $21,460 and if it holds this level then there is a chance that the market could recover from its losses.