Bitcoin price analysis shows that Bitcoin is trading in a bearish flag pattern, trading in the range of $21,500 to $22.50. Bitcoin fell to a low of $21,542 on the daily chart and faced multiple resistances at $22,000 and the 100-day moving average. It proves to be a strong resistance.
Bitcoin is trading at $21,675.80, down 0.44% in the last 24 hours. Bitcoin trading volume has dropped by 40% in the last 24 hours, with a total of $17.1 billion traded. Bitcoin is trading below the MA50, MA100, and MA200 of $22,000, with the 50-day moving average serving as major support. The next key support levels in Bitcoin price analysis are $20,800 and $19,800. On the upside, BTC is facing strong resistance at $22,000. If the bulls can break this barrier, we could see the price rise to $23,000 in the short term.
Bitcoin price analysis on daily chart: Bears dominate the market
Bitcoin price analysis on the daily chart shows that Bitcoin is trading in a bearish flag pattern, with resistance at $22,000 and support at $21,500. The 100-day moving average has served as strong resistance for Bitcoin price analysis. If the bulls can break this level, we could see the price rise to $23,000. On the downside, if Bitcoin breaks below $21,500, we could see a selloff to $20,500.
Technical indicators indicate a bearish outlook for Bitcoin price analysis. MACD is in the negative zone and has a downward trend, which indicates that the bears are dominating the market. The RSI indicator has fallen below 50, indicating a bearish market trend.
The Exponential Moving Average (EMA) is also trending down and has reached below the MA50, indicating a bearish outlook for Bitcoin price analysis. The next key levels to watch are $20,800 and $19,800 while resistance levels to watch are $22,000 and $23,000.
BTC/USD price analysis on 4-hour chart: Bears are determined to push prices lower
Bitcoin price analysis on the 4-hour chart shows that Bitcoin is trading in a bearish channel with strong resistance at $22,400. The 100 period EMA has acted as strong support for BTC and the price is currently trading above this level. Bitcoin price has stabilized around $21,600 and the bulls are trying to push prices higher.
Bitcoin has developed a bearish divergence on the RSI indicator, which indicates that the bears are still in control of the market. MACD is also trending down, indicating a bearish trend for BTC. The next key support levels are $21,400 and $20,800 while resistance levels to watch are $22,400 and $23,000.
Conclusion of Bitcoin price analysis
Bitcoin price analysis for today shows that Bitcoin is trading with bearish flag formation and bears are dominating the market. Key levels to watch are $20,800 and $19,800 while resistance levels to watch are $22,000 and $23,000. Technical indicators also indicate a bearish outlook for Bitcoin price analysis.]
While you wait for Bitcoin to move further, check out our price predictions on XDC, Polkadot and Curve