Bitcoin price analysis: Bearish momentum suppresses BTC below $23,788 after a recent drop

Bitcoin price analysis

TL;DR Breakdown

  • Bitcoin price analysis shows a downtrend in the BTC market over the past few hours.
  • The BTC/USD has been trading below the key resistance level of $25,134 after a recent drop
  • BTC/USD trades in bearish momentum after the previous day’s bullish trend

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.

image 300
Cryptocurrencies price heat map, Source: Coin 360

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.

image 298
BTC/USD 1-day chart, source: TradingView

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.

image 299
BTC/USD 4-hour chart, source: TradingView

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 XDCPolkadot, 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.

Related News

Hot Stories

Dogecoin price analysis: As bullish sentiment picks up, DOGE moves higher above $0.0750
Coinbase plans to stay in Canada; Binance likely to exit as regulations for crypto exchanges tighten
How Developer Happiness Affects Team Productivity in Blockchain Development
Paxful refunds Earn Program users affected by Celsius Network collapse
Looking Into 2023 and Beyond: How Can We Fast-Track Crypto Mass Adoption?

Follow Us

Industry News

Paxful refunds Earn Program users affected by Celsius Network collapse
VIP treatment elsewhere? Do Kwon says his arrest shocked him
Joe Biden says banking crisis is not over yet - Here is why
Breaking: Signature Bank kicks crypto clients to the curb
Metamask warns of "false rumors" of airdrop

Add Your Heading Text Here