The Bitcoin price analysis shows a bearish swing in the market with BTC/USD correcting down to $23,808. . A decrease in price levels has been observed in the last 24 hours as well, which is quite discouraging for the buyers.
The bearish momentum has taken over the BTC market, and bulls seem to be unable to break past the $24,103 resistance level. Additionally, at press-time Bitcoin is holding a support level of $23,739 which shows that buyers are still trading in the market while trying to prevent further losses. And the further downside is expected if the price level doesn’t pick up soon.
The next resistance level for BTC/USD is seen at $24,267, which was the previous high recorded on the previous day’s high. If the buyers are able to break this level, then the bullish momentum will be regained and a further increase in Bitcoin price can be expected.
Bitcoin price analysis 1-day price chart: Bearish pressure takes the price beyond the $24,000 fence
The daily Bitcoin price analysis dictates that a decrease in price has taken place in the last 24 hours. The BTC/USD is trading below the $24,000 mark and is currently consolidating below its support level of $23,808. The bearish pressure in the market has resulted in a decrease of over 1 percent in the last 24 hours, and the market seems to be in favor of the bears. The circumstances have been going favorably for the bulls for the past few days. Today’s trend, however, has been extremely supportive for the sellers as the price has decreased up to the $23,808 level.
The MACD chart seems to be in a negative state, with the MACD line crossing below the signal line in a bearish manner. This further states that the market is currently dominated by sellers as buyers are not able to break past the $24,103 resistance level. The RSI indicator also indicates that Bitcoin’s current trading price is below 60 which means that it has moved into an oversold zone and any further decrease in price can result in a bearish trend. The moving average (MA) value in the one-day price chart is at the $24208.89 level
Bitcoin price analysis: Investors remain cautious as BTC/USD faces a bearish swing
The four hours Bitcoin price analysis is showings signs of a bearish trend as well, as the price has dropped down to a significant level. The reversal in trends was quite unexpected, as the bulls were leading the price chart earlier. Nonetheless, a downward trend has been observed in the last four hours. However, the price action is following a pattern of high-low movements if observed over the 24 hours, and now the price has moved down to the $23,808 level.
The price has gone below the moving average value of $23908.11, as a result of the bearish trend as the 50-day MA is also trading below the 200-day MA. The Relative Strength Index (RSI) is adding to the bear hold notion on the 4-hour price chart, with a value of 36.18 and going below its SMA line. With the RSI now below 50, indicating further price decline is likely, this change in momentum favors the bears. The moving average convergence divergence indicator reveals that the bearish momentum is still intact in the market, with the MACD line crossing below the signal line.
Bitcoin price analysis conclusion
The Bitcoin market is currently in a bearish swing and the chances of a further price decline are high. The investors should remain cautious as an increase in selling pressure could lead to more losses for the buyers. Additionally, if the current resistance level at $24,267 isn’t broken then more downside can be expected from BTC/USD. The upcoming days will be crucial for the Bitcoin market as it is facing strong bearish pressure.
Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2023-02-24/