Recent Bitcoin price analysis shows a bearish move in the market, with the BTC/USD pair falling below $23,788 after a recent drop. This is exacerbated by the lack of short-term buying pressure and investors selling to take profits.
The daily chart shows that Bitcoin price is stuck in a limited trading range of $25,134-$23,460 in the last 24 hours. However, the bears have regained control and pushed prices down from the high of $25,134 to their current level. The BTC/USD pair has failed to break the key resistance level of $25,134, which was already tested several times in the previous day. The bulls had managed to push the prices higher but could not sustain it and were finally affected by the downward movement in the market.
BTC/USD is likely to remain range-bound unless a strong move on either side breaches one of these key levels. In the short term, investors should be on the lookout for any signs of buying pressure that could push prices higher again. If the bears maintain control, Bitcoin could fall to the $22,000 level.
Bitcoin Price Analysis 1-Day Price Chart: A bearish swing lowers the price level to $23,788.
Bitcoin’s 1-day chart shows a negative trend over the past 24 hours. As a result, the price has dropped to $23,788. Over the past day, BTC/USD is down 2.66%. Last week was very discouraging for the cryptocurrency as a strong downtrend was underway. However, the coin rallied from the $22,000 level to $25,000 yesterday. Despite the recent drop in the price of Bitcoin, investor sentiment remains positive as they expect an eventual recovery.
The price has also broken below the moving average (MA) at $22,532. The MACD indicator is in the bearish zone with a negative cross in the price. The MACD line is also below the signal line. The RSI is also seen in bearish territory below the 70 level, indicating that buyers are losing control and sellers are taking over. The 20-SMA is also below the 50-SMA, which indicates a bearish trend for Bitcoin.
Bitcoin Price Analysis on 4-Hour Price Chart: Bearish Decline Leads to Fall Below $23,788
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 decrease in price has been recorded in the last four hours as well as a decrease in price levels to $23,788. Moving towards, the moving average indicator shows its value at $23,204 at the time of writing.
A bearish crossover has occurred on the MACD indicator, indicating that the bulls have taken over. This also indicates that prices will decrease further from these levels. The overall MACD indicator, presenting a bearish cross, is a negative signal for investors. The RSI is trading below the 60 level as the price token faces bearish pressure.
Conclusion of Bitcoin price analysis
One-day as well as four-hour analysis of Bitcoin price shows that a bearish trend has followed in the past hours. Bears are currently leading the play and as a result the price level has dropped to $23,788. 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, Polkadot and Curve