The latest Bitcoin price analysis shows a bearish trend that has been in place for the past 24 hours. The price of BTC/USD has made a lower low and bounced off the $28,741 level, However, the bulls have failed to gain traction as selling pressure rises and pushes back against any attempt for an uptrend. The bearish pressure is likely to continue in the near term as the BTC/USD price remains below $29,000.
The coin failed to hold the key $30,000 level, which could mean further losses in the near term. In addition, the support for the BTC has been established at $28,479 and a break of this will lead to further declines. On the upside, the immediate resistance for BTC/USD is at $29,378 and further higher up to $30,000.
Bitcoin price analysis 24-hour chart: Bears strengthen their grip on the BTC market
The 24-hour chart for Bitcoin price analysis shows that the bearish pressure has been increasing in recent past 2-days, after a long period of a Bullish trend. The Buying pressure was strong the previous week and managed to reach the $31,000 level before plunging back down. Currently, the BTC has seen a loss of 2.32 per cent in the last 24 hours and a week-on-week decline of 5.3 per cent.
The moving average (MA) is higher than the price value at $29,965 signifying that a bearish outlook is continuing to prevail in the market. The RSI is at 50.73 and displays a neutral sentiment for the coin. The MACD has also made a bearish crossover, indicating that the current bearish trend might continue for some time. The Signal line is higher than the MACD line, which shows that the bearish momentum might increase in the upcoming sessions.
Bitcoin price analysis: Bears might look to push the prices lower
The 4-hour Bitcoin price analysis is following the bearish trend as well as the price continues to be downgraded. The price levels are going down after being on a bearish trend for the last 24 hours. Currently, the price is settled at the $28,741 mark and is expected to go further down from here as no bullish activity has been observed today.
The moving average is still quite low at $29,191, because of the constant price devaluation. The 50-day moving average and 200-day moving average are both above the price level, indicating that a bearish trend might continue. The RSI of the 4-hour chart is at 32.92 which points to an oversold condition and could mean further downward pressure. The MACD has made a bearish crossover as well which confirms that more bearish action is expected in the upcoming hours. The histogram is also the red zone, signifying a bearish sentiment.
Bitcoin price analysis conclusion
The bears are winning the game at present, as can be confirmed by the Dogecoin price analysis. The downtrend has been unchanging for the past few hours today, and it is assumed to extend in the future as well. The price is soon to cross the support level at $28,378 and could go further down.
Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2023-04-20/