Bitcoin price analysis is losing ground as the price dropped to $22,891 today. The downward trend has been quite stable in the last two days and even today the price has followed the downward movement. The reversal of trends was completely unexpected as the bulls were already in the lead. However, the bears have once again taken charge and the price has fallen. The cryptocurrency has decreased by 1.47% with a trading volume of 24 billion dollars and a market value of 441 billion dollars.
Bitcoin’s next resistance is at $23,282. However, if the price of Bitcoin fails to break this resistance, it may decline to the point of $21,816. On the other hand, there is support for BTC/USD at $22,696. If the bulls manage to push back and the price reaches above $22,891, then the price can be expected to go higher. The buying pressure of the BTC/USD pair is still on the rise, supporting the price trend.
Bitcoin Price Analysis 1-Day Price Chart: A bearish swing lowers the price level to $22,891.
One-day analysis of Bitcoin price shows that the bearish movement has intensified in the past hours. The previous day, the price of Bitcoin was the highest figure. However, today’s bearish swing has reduced the price level to $22,891. Currently, the bulls are trying to regain control, but the resistance at $23,282 is very strong.
The Relative Strength Index (RSI) is currently at 80.84 and is trending sideways. This indicates that the market is currently in a consolidation phase and any breakout could cause a sharp move in either direction. Moving Average Convergence Divergence (MACD) is in a downtrend because the MACD line is below the signal line. The MACD histogram indicates that the bears have taken control of the Bitcoin price trend. The moving average indicator shows bearish pressure in the market at $21,582.
Bitcoin price analysis on the 4-hour price chart: Bearish decline leads to price decline below $22,891.
4-hour analysis of Bitcoin price shows signs of bearish movement as the price has dropped significantly. The price is continuously falling as the cryptocurrency shows a bearish trend. A decline in the price has been recorded in the last four hours as well as a decrease in price levels to $22,891. Further, the moving average index shows its value at the time of writing at $22,898.
The convergence/divergence of the 4-hour moving average also indicates a bearish trend. The MACD indicator is currently at 525.08, which is below the signal line. This clearly shows a downtrend and the bears are still in control of the market at $22,891. Apart from this, the RSI indicator has seen a bearish drop as it is currently at 72.49.
Conclusion of Bitcoin price analysis
To conclude, Bitcoin price analysis shows that a bearish trend has followed since earlier today. The bears are currently leading the play and as a result the price level has dropped to $22,891. Further falls can be expected as the bears have dominated the past few hours as well. The price is steadily declining, which means that the chance of recovery for bulls is still limited.
While you wait for Bitcoin to move further, check out our price predictions on XDC, Cardano and Curve