Bitcoin price analysis is currently bearish. Bitcoin was fully expected to retest support at $15,500 over the past few days. Looks like it’s going straight to the zone, only a few hundred dollars less now. In addition, there is no sign of bull control.
The crypto heatmap shows that Bitcoin is down almost 4.21%. At the same time, Ethereum is down 5.83%. This has pushed the entire market into the red zone and all the alts are recording significant losses in their prices.
The daily chart of Bitcoin price analysis shows that this is the second time that Bitcoin/USD is testing the support at the $15,500 mark. It was tested for the first time on the 14ththe seventh In November, however, BTC/USD retraced after touching $15,790 at the time. But today it has decreased.
The RSI line on the daily chart shows that the market is currently oversold. Moreover, the MACD also shows that the bears are not ready to give up. The histograms have not been in the green zone for several days. This suggests that the next two days may be dry for Bitcoin.
24 hour movement of bitcoin price
In the last 24 hours, the market value of Bitcoin has decreased by 4%. At the same time, the volume of transactions has increased by 85%. This has resulted in a 24-hour volume-to-market ratio of 0.1219.
4 Hour Bitcoin Price Analysis: Will Bitcoin Come Back?
at 14the seventh In November, Bitcoin pulled back again after testing support around $15,700. However, today the downward momentum seems to be much stronger. Bitcoin can certainly go lower, especially since the RSI and MACD are not showing any positive signs.
We see that the RSI is currently around 30. This means that the market is highly saturated. On the other hand, MACD shows that the histograms are gaining strength in the negative direction. What we see shows that the bears have the upper hand.
Bitcoin Price Analysis: Conclusion
Currently, Bitcoin is expected to fall slightly lower. However, the market is quite uncertain. This may be a good opportunity for those investors who want to enter DCA (Dollar Cost Averaging) into Bitcoin. However, traders looking for short-term profits should not invest in Bitcoin right now.
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