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Bitcoin Price Analysis: Bitcoin Could Rise to $18,200 After Consecutive Days of Decline

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  Bitcoin

Bitcoin price analysis shows that the price decline was further 3% in today’s trading, as the price fell to $16,200. Bitcoin has been in a steady decline since November 6, and a further 4% drop could push the price to test the $16,000 support level. Bitcoin’s daily volume fell to $24.9 billion, registering a 32% decline. In total, with the current decline, Bitcoin’s market cap is down about 76% from $68,789. At the current discount price on offer, buyers could rush into the market and ease the rally to $18,000 early next week.

The larger cryptocurrency market remained largely bearish, as Ethereum sold another 3 percent to $1,200. Ripple fell 8% to $0.33, while Cardano fell 4% to $0.33. Meanwhile, Dogecoin fell 7% to $0.06, Solana fell 8% to $13.67, and Polkadot fell slightly to $5.75.

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Bitcoin Price Analysis: Digital Currency Heatmap. Source: Coin360

Bitcoin Price Analysis: The 24-hour RSI is moving into the overvalued zone

On the 24-hour candlestick chart for Bitcoin price analysis, the price can be seen recording consecutive days of decline since November 6, which has formed a bearish pattern over the past 3 days. Despite this bearish trend, the Bitcoin market provides an opportunity for buyers to formulate an upside move towards the $18,000 mark. In this regard, the 24-hour Relative Strength Index (RSI) indicates a strongly undervalued market position for BTC at 33.24. An upward divergence in the RSI curve could indicate buying activity around $16,000.

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Bitcoin Price Analysis: 24 Hour Chart. Source: Trading View

The price has fallen sharply below the 9-day and 21-day moving averages over the past 3 days, including a move below the 50-day EMA at $17,894. Meanwhile, the moving average convergence divergence (MACD) curve can be seen forming a deep bearish divergence towards the current price action. Volatility in the market is currently moderate, with resistance levels at $18,200 and $20,000 while support can be found at $16,000.

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