Recent Bitcoin price analysis shows a bearish momentum in the market, with the BTC/USD pair dropping below $23,788 after a recent drop. This has been made worse by a lack of buying pressure in the short term and investors selling off their holdings to take profits.
The intraday chart shows that Bitcoin’s price has been stuck in a tight trading range of $23,460-25,134 over the past 24 hours. However, the bears have gained control and pushed prices down from the highs of $25,134 to their current level. The BTC/USD pair has failed to break above the key resistance level of $25,134 which was previously tested multiple times on the past previous day. The bulls had managed to push the prices higher but were unable to sustain it and were eventually overwhelmed by the bearish momentum in the market.
It is likely that BTC/USD will remain range-bound unless a strong move on either side breaches one of these key levels. In the near term, investors should watch for any signs of buying pressure that could push prices higher again. If the bears remain in control, then Bitcoin could dip back down toward $22,000 levels.
Bitcoin price analysis 1-day price chart: Bearish swing deflates price levels to $23,788
The 1-day chart of Bitcoin shows a negative trend in the last 24 hours. The price has been downgraded to $23,788 as a result of the constant downflow. From the previous day, the BTC/USD has decreased by 2.66%. The past week has been quite discouraging for the cryptocurrency as a strong bearish trend was going on. However, the previous day’s coin Surged from the $22,000 level to $25,000. Despite the recent drop in Bitcoin prices, investor sentiment remains positive as they expect an eventual recovery.
The price has gone below the moving average (MA) value as well, which is standing at $22,532. The MACD indicator is seen in the bearish zone with a negative crossover in the price. The MACD line is also below the signal line. The RSI is also seen in the bearish territory below level 70 which indicates that the buyers are losing control and the sellers are taking over. The 20-SMA is below the 50-SMA as well, which indicates a bearish trend for Bitcoin.
Bitcoin price analysis on a 4-hour price chart: Bearish depression results in collapse below $23,788
The 4-hour Bitcoin price analysis is showing signs of bearish momentum as the price decreased quite significantly. The price has been declining consistently as the cryptocurrency is showing a downward tendency. A reduction in price has been recorded in the last four hours as well as the price levels moved down to $23,788. Moving on, the moving average indicator is showing its value at $23,204 at the time of writing.
A bearish crossover has taken place on the MACD indicator showing that bearish has taken over the bulls. This also shows that prices from these levels will decrease more. Overall MACD indicator, giving a bearish crossover is a negative signal to investors. The RSI is trading below level 60, as the price token is facing bearish pressure.
Bitcoin price analysis conclusion
The one-day, as well as the four hours Bitcoin price analysis, shows that a downtrend has been following for the last hours. The bears are leading the game at the moment, and the price levels have been brought down to $23,788 as a consequence. A Further downfall can be expected as the bears have been dominating for the past few hours as well. The price has been persistently moving down, which means that chances of improvement for the bulls are still on the limited side.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve
