Last month, Bitcoin price analysis was accompanied by a sharp price drop. The primary cryptocurrency is in a stagnant phase with a bearish bias as it sells between $19,000 and $20,000 with each rally. A significant bearish move is pushing the boundaries lower as the pair seems to be stuck in the swamp.
Currently, the BTC/USD pair is hovering dangerously close to its 2017 highs, and institutional investors are concerned that the pair may decline. The bearish move along with the choppy price action seems to be pushing the price down towards the consolidation zone. Both bears and bulls take no chances with big positions. The red candle ended the month with a negative bearish last week. So, will Bitcoin price analysis deliver good news this week?
Bitcoin price movement in the last 24 hours: sharp drop and sharp pullback expected?
The current analysis of the Bitcoin price shows no signs of becoming strongly bullish or bearish as the price is stuck between the Bollinger Bands. The major digital currency has lost nearly 75% of its value since hitting an all-time high in November 2021. The general trend in the daily time frame is bearish.
Macro factors are fueling negative sentiment in Bitcoin price analysis. A lack of demand from institutional investors, global regulation, and the failure of key support levels are not helping matters either. As the price approaches the $17,000 support zone, another downside move is likely. Bears are likely to take more short positions as the pair approaches the $18,000 mark to push the pair below $15,000. If $15K appears on the chart, Bitcoin Price Analysis by Bitcoin Price Analysis will move into a completely different area.
Bitcoin/USD 4-Hour Chart: Support Zones Are Disappearing
Over the past few days, we have seen the price move in a stagnant fashion, breaking through most of the critical support areas, including $20,000 and $19,000. The middle border of the channel is still well close to the $18,000 area, and based on Bitcoin price analysis, there is hardly any sign of a reversal pattern. An extension move is likely to create a correction pattern on the charts. Bulls expect a “triangle pattern” to boost hopes of a comeback.
The RSI is at the 30 level and shows no signs of a corrective pattern in a hurry. As soon as volumes pick up, the price streak can turn into a bullish or bearish scenario. The upper boundary of the triangle is looking to break above the emotional resistance of $22,000. This gives the bulls confidence to create more buy positions and makes the pair bullish in the short term.
On the other hand, if this scenario turns bearish, the price will move below the triangle and move closer to the $17,000 area. The critical resistance will be further strengthened by $20,000.
Bitcoin Price Analysis: Triangle Pattern Holds Key to Next Direction
As whales prepare to assess Bitcoin’s next move, big investors are looking at key metrics. Exchange inflows are moving along a turbulent path without any immediate events. High price volatility only leads to further price stagnation.
Traders should look to the “triangle pattern” and its potential breakout to determine the next catalyst for any price action. Chain analysis shows that Bitcoins are pouring into cryptocurrency exchanges courtesy of whales. This indicates that selling activity is still ongoing and selling pressure could increase as price moves forward.
As the big players take losses, there is hope that prices have bottomed out. However, traders should pay attention to extreme prices like $20,000 and $19,000 as the week begins with a bearish trend.
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