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Bitcoin Price Analysis: Bitcoin Drops to $18,540 as Bears Rise

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  Bitcoin

Bitcoin price analysis confirms a long-term bearish bias, with the price close to the $19,000 support. The bearish trend line is pushing the Bitcoin/USD pair to new lows on the charts. The pair fell sharply to $18,540. However, it quickly bounced back to the $19,000 level and is close to the same volatility.

btc c 1
Source: Coin360

Risky assets are under pressure even in macro markets as global economies take measures to control inflation. Aggressive contractionary policy has shaken markets around the world. The digital currency market is also experiencing shocks from the macro sector. The bear market is already prolonged and the BTC/USD pair is heading for daily lows.

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Bitcoin price movement in the last 24 hours: Bitcoin reached $18,540

Critical overhead resistance near $20,000 establishes itself as a major barrier. The journey towards $20,000 is getting steeper every day as the bears pile on the selling pressure. Bitcoin price analysis shows that the currency pair is moving between $19,500 and $20,349. The bias is clearly bearish and a strong support zone near $18,000 has already established itself. Instead of a sharp move lower, the price is gradually falling towards the $18,000 level.

btc 1d 2
Source: TradingView

Bears will try to move even lower and break the trend line from the January timeframe. So, the next level to watch out for is $17,600, which is the lower end of the uptrend line. The 20-day EMA is also declining, and the RSI has once again entered oversold territory. Bears are firmly in the driver’s seat on a daily basis.

BTC/USD 4-hour chart: A bearish continuation pattern dominates the charts

Consolidation has given way to lower price levels as the pair crossed the $19,000 threshold. A large candle showing a low of $18,540 suggests that the bears have the ammunition for further price destruction. According to Bitcoin price analysis, the $18,000 support level is what will be targeted this week as the bulls gain momentum.

btc 4
Source: TradingView

A fight for the driving seat is likely to occur at the $18,000 level, where the bulls and bears will engage in a fierce battle. It is also where a potential price reversal could occur. Technical indicators show that the RSI is in the negative zone below 30. Also, the MACD clearly shows a continuation of the bearish crossover. The flag and pole pattern is fully realized as the pair does not show any tough support zones according to Bitcoin price analysis.

Bitcoin Price Analysis Conclusion: BTC Bulls Await Lower Levels

The current price trajectory is moving towards the lows of $18,000. Bulls will likely start buying at lower levels near $18,500, where day traders are looking for a price reversal. Also, macro events such as interest rate cuts in different countries affect Bitcoin price analysis.

Disclaimer. The information provided is not trading advice. Ramzifa.ir 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.