Bitcoin price analysis does not show much volatility since yesterday. Today, the price reached a 24-hour high of $16,984 and then declined. Its price reached 16526 dollars. However, it is currently closing slightly lower than yesterday. At the same time, it is consolidating without much volatility. This has led to a lot of uncertainty.
The cryptocurrency market again shows a lot of uncertainty like yesterday. Ethereum is slightly green while Bitcoin is trading in the red along with some major altcoins such as DOGE and AVAX.
One day bitcoin price analysis gives us a bigger picture of the bitcoin market. The MACD shows us that the bears are slowly giving up. Finally, Bitcoin may retrace its previous decline. However, it will face significant resistance at $17,000 and then $18,000.
24 hour movement of bitcoin price
In the last 24 hours, the market value of Bitcoin has decreased by 0.28%. Trading volume also decreased by 5.44% and its 24-hour market volume ratio remained at 0.0848.
At the same time, Bitcoin hit a 24-hour high of $16,984 with a low of $16,526. For the most part, it is still stabilizing and this trend is expected to continue in the next 24 hours. After that, the bears may finally capitulate and we will see the price rise.
4 Hour Bitcoin Price Analysis: Bitcoin continues to consolidate sideways
4-hour analysis of Bitcoin price shows that it is still consolidating. Its local resistance is set at $17,000 while local support is at $16,400. The market simply lacks enough momentum to generate significant volatility. Based on the current scenario, Bitcoin is expected to continue to stabilize for at least the next 24 hours. This means that the market will remain just as uncertain.
Bitcoin Price Analysis: Conclusion
Currently, Bitcoin price analysis has a lot of uncertainty. Bitcoin continues to consolidate, while the RSI is somewhat balanced on the 1-day and 4-hour charts. The market lacks volatility and there is a struggle between bulls and bears. Due to uncertainty, it is not a good time to invest for short term gains. However, it is likely that after this tug-of-war ends, Bitcoin will try to test the resistance at $17,000 and then $18,000.
Read our latest price predictions for Uniswap and Avalanche as Bitcoin price analysis charts its course.
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