Our Bitcoin price analysis shows that Bitcoin has entered bearish territory after failing to hold above the $24,000 support level. Bitcoin is trading at $23,943.09 after trading sideways for a few hours. Bitcoin trading volume remains above $35 billion, indicating strong bearish momentum.
A break below the $23,800 support level is likely to cause further losses in Bitcoin price. The next major support levels are $22,400 and $21,200. On the upside, immediate resistance is at $24,000, followed by a key barrier near the $25,000 level. If there is a strong break above the $25,000 resistance area, Bitcoin price could start a new rally.
Bitcoin Price Analysis on Daily Chart: Consolidation Pattern
The daily chart of Bitcoin price analysis shows that Bitcoin is trading in a range below the $24,000 resistance. The price action is drawing a consolidation pattern and a breakout of the bullish or bearish trend line may occur soon. A successful break above the uptrend line could open the door for further gains towards $25,000. However, if there is a break below the lower trendline, Bitcoin could test the $22,400 and $21,200 support levels.
Relative Strength Index is near the 56.03 levels, but faces strong resistance near the $55 and $60 levels. The MACD is slowly losing momentum in the bearish zone, indicating that further losses may be in store for the BTC price.
Moving average lines also highlight a bearish zone. Bitcoin bulls should defend the $22,400 and $21,200 support levels to initiate a strong rally in the near term. The EMA50 provides strong support at the $22,400 level.
Bitcoin Price Analysis in 4 Hours: Support and Resistance Levels
4-hour Bitcoin price analysis shows that Bitcoin is trying to hold the $23,800 support. A break below this level could push the price towards the next major support at $22,400. In the uptrend, initial resistance is near the $24,000 level (recent breakout zone). Above this, Bitcoin price is likely to face resistance near the $24,400 and $25,000 levels.
The RSI for BTC/USD remains below the 50 level, indicating that the bears are still in control. If it breaks below the $23,800 support level, Bitcoin price could soon test the 50-SMA at $22,400. Bitcoin price is trading above the psychological level of $23,000 and if it falls below this level, we can see a further decline to the $21,200 area. The Stochastic RSI for BTC/USD is bearish and may soon test the oversold zone. This suggests that there may be a bearish trend in the short term.
Conclusion of Bitcoin price analysis
Bitcoin price analysis for today shows that Bitcoin is trading in a bearish zone below the $24,000 level. The next major support levels are $22,400 and $21,200. A break above the $25,000 resistance area is required for a trend reversal. Bulls are still watching the $23,800 support to protect against further losses. If Bitcoin price fails to hold above this level, it can extend its decline to $22,400 and $21,200.
While you wait for Bitcoin to move further, check out our price predictions on XDC, Cardano and Curve