Bitcoin price analysis: BTC bounces back below $25,000 level after a bearish  correction

Bitcoin price analysis

TL;DR Breakdown

  • Bitcoin price analysis for today shows a negative market sentiment of $24,626 after a two-day bullish rally.
  • The BTC/USD pair is trading below the $25,000 level and has dropped by more than 5% since yesterday.
  • This bearish correction follows a steep bullish rally that had seen Bitcoin price surge above the $26,000 level.

The latest Bitcoin price analysis shows a bearish correction as the bulls have failed to push prices further. The market sentiment has turned bearish after selling pressure increased, and the BTC/USD pair has dropped back below the $25,000 level.

The recent bearish correction is largely due to profit taking from investors who had bought Bitcoin during its bullish rally.  There is still a lot of selling pressure on the market, and the current bearish momentum could continue in the short term.

The BTC/USD is currently standing at $24,626, and the bears are trying to push prices further down. The 4.98 percent correction that has occurred in the last 24 hours could be a sign of a further sell-off, and investors should watch out for any further losses.

image 309
Cryptocurrencies price heat map, Source: Coin 360

All eyes are on Bitcoin price as a break below $24,000 could trigger more bearish pressure on the market. This would be bad news for long-term Bitcoin holders who had bought during the bullish rally. If the bears fail to push prices further down, then we could see a rebound in Bitcoin price as investors start buying again. The bulls need to gain strength and initiate a new bullish trend if they are to sustain a positive market sentiment.

Bitcoin price movement in the last 24 hours:  BTC/USD value faces strong rejection at $26,514

Bitcoin price analysis on a daily chart shows that the bulls are losing steam after the bearish rally that occurred a few hours ago. The bulls had earlier pushed the price above $26,500 for the first time since yesterday, but then the market sentiment suddenly turned bearish with a strong rejection at $26,514.

The 24-hour trading volume has dropped significantly, and the BTC/USD pair is currently at $47 billion.  The market capitalization of Bitcoin is currently at $475 billion, with a decrease of 5.05% in the last 24 hours. The circulating supply of 19,318,268 BTC with a market dominance of 43.25%.

image 308
BTC/USD 24-hour chart, source: TradingView

The technical indicators are still bearish, with the RSI currently trading at the 63.32 level, which shows that there is still some room for prices to fall further before reaching oversold territory. The MACD, on the other hand, is giving a bearish signal as the histogram is falling and is about to cross below the zero line. The MACD line is clearly below the red signal line and seems to be gaining strength. The 200 SMA line is well placed below the current market price, which is a sign that the path of least resistance is still to the downside.

Bitcoin price analysis: Recent developments and further technical indications

The 4-hour Bitcoin price analysis shows that the bulls have been at the lead for most of the day this week, but a four-hour bearish activity has changed the trend in the bearish direction. A considerable decline in BTC/USD price has been observed during this time. The price has gone down to $24,626 as a result of the bearish strike. At the same time, the bullish price movement is also being observed in some other major cryptocurrencies.

image 307
BTC/USD 4-hour chart, source: TradingView

The market decline shifted to the bearish sentiment as indicated by the RSI line, which is headed below the 70.00 level. The RSI indicator is currently trading at 64.55 and heading toward the oversold territory, which is another sign that prices are likely to fall further in the short term. The 50-day simple moving average has dropped below the 200-day SMA, which is a sign of bearish momentum. The MACD indicator is also in the bearish zone as it is below the zero line. The MACD histogram is continuous, with the MACD line below the red signal line.

Bitcoin price analysis conclusion

The Bitcoin price has been downward for the past few hours, and the bearish momentum could continue in the short term. The BTC/USD is currently standing at $24,626, and the bears are trying to push prices further down. The selling pressure is likely to dominate the market until a proper bullish trend emerges. The technical indicators are still bearish, and traders should be cautious as the market could experience further losses.

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.

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