Bitcoin price analysis indicates a major decline in price today, with the digital asset rejecting to break through the $22,342 level. The bears have been continually winning over the price charts, as the bearish trend has been quite dominating for the market.
This has resulted in a decrease in coin value up to the $22,041 level, and the momentum is strong enough to reduce it further in the future. Nevertheless, the bears have availed their chance by continuing their momentum for the fifth day in a row.
The negative trend remained intact as of press time, causing the price to fall by 1.41%. The market capitalization dipped below the $450 billion mark to stand at $425 billion. Bitcoin’s dominance rate has also increased to 63.1%, with the majority of altcoins experiencing losses against BTC today.
Nevertheless, if the bulls can manage to pull up a strong recovery, a significant support line lies at $21,961. Above this level, the intermediate resistance at $22,342 could be tested again in the near future. Until that happens, it appears that the price will remain within a bearish range between these two levels.
Bitcoin price analysis 1-day price chart: BTC price cripples as bears maintain downtrend
The 1-day Bitcoin price analysis is indicating a downfall in the price today after the bears have successfully maintained their lead over the price action. The buying pressure behind the coin has dried up recently, leading to a rapid decline in value. The price was rejected twice at the $22,342 level, indicating that further bearishness could be on its way.
The technical indicators are showing a mostly bearish market as of today. The stochastic RSI has formed a bearish crossing by falling below its signal line, indicating a downward movement in price. The RSI indicator is currently at 40.14 levels. If the bearishness persists, it could go further down below 40 levels.
The MACD line has also reacted to the bearish sentiment, crossing below its signal line and forming a bearish divergence, thus pointing towards a potential reversal of the trend in the near future. The daily moving average indicator is also pointing towards a bearish market, with the 50-day MA remaining above the 200-day MA.
Bitcoin price analysis: Support level at $21,961, which may be tested in the upcoming days
The 4-hour Bitcoin price analysis is going supportive for the bears as well, as seen from the latest price chart. The bears have been in action for the last 24 hours, and they have managed to push the price down below the $23,000 level. The support line lies at the $21,961 level, which may be tested in the upcoming days if the selling pressure persists.
This level might be a favorable entry opportunity for investors hoping to capitalize on the possible reversal. However, the bulls need to be vigilant, and they should keep an eye out for any positive developments in the market.
The technical indicators are also showing a mostly bearish market as of press time. The stochastic RSI is at 35.09 levels, with the signal line below it. This indicates an upcoming bearish trend in the market. The MACD line is also following a downward trend, and its histogram has started to turn negative. The daily moving average indicator is also pointing towards a bearish market at the $22,149 mark.
Bitcoin price analysis conclusion
Overall, the Bitcoin price analysis shows that the market sentiment remains bearish in the short term; however, a possible reversal can be expected if the bulls manage to establish some momentum. A close look at the technical indicators is required in order to confirm any upcoming trend reversals. However, with the support line at $21,961 in sight, it would be interesting to see whether the bulls can break through this level and reclaim dominance in the market.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve.