The Bitcoin price analysis shows that the bearish momentum has taken control of the market. The Selling pressure is increasing on the BTC market, and prices are falling toward lower levels. The Bitcoin token is trading near the channel bottom at $30,071 and lost 0.46 per cent in the past 24 hours.
The previous day the token broke above the $30,000 level after a strong bullish momentum, and the prices were in an uptrend; more buying pressure pushed the price toward $31,000. But the bulls took a breather today, and the bears took control of the market. The bearish is strong, and we can expect prices to fall further.
The trading volume for BTC in today’s market is also low, which indicates that the trend may continue for some more time. Currently, the trading volume is at $20 billion and has decreased by 9.26 per cent since yesterday. The market capitalization of Bitcoin is also below $600 billion at $581 billion, which is 0.75 per cent less than yesterday.
Bitcoin price analysis 24-hours chart: BTC/USD level descends to $30,071
The 24-hour chart for Bitcoin price analysis shows confirms that the market has been decreasing tendency for the past 24 hours. The previous day the buying pressure was high, and the prices rose to $30,524. But currently, the bearish pressure is strong and prices are falling back toward lower levels. The support level of $29,865 is below the current market price, which may be tested if the bearish pressure increases. However, if Bulls show their power, the market may recover.
The MACD level is currently in the bearish region, which indicates that selling pressure will continue to increase if the bearish pressure increases and prices fall further down. The RSI level is now at 70.92, indicating a slight degree of bearishness over the current price levels. If the market continues to fall further, the RSI level may enter into the neutral region. The Bollinger Bands are diverging, and the prices may fall further if there is an increase in bearish pressure. The upper Bollinger band is at $29,955, and the lower band is at $26,766.
Bitcoin price analysis: BTC value hits $30,071 mark after a recent downtrend
The four-hour Bitcoin price analysis indicates a downward trend for the market today, as a fall in BTC/USD value was observed in the past few hours. The market for BTC opened trading in bullish momentum, and prices moved above the $30,500 mark. But, the selling pressure took control of the market and pushed down the price toward lower levels.
The volatility on the 4-hour chart is low as the Bollinger bands are contracting. The upper is currently at $31,216, which may act as resistance for the market, and if the bearish pressure increases, prices may fall further, while the lower Bollinger band is at $27,675, which may act as a support level if the bearish market persists.
The moving average convergence divergence (MACD) level is currently in the bearish territory, with the MACD line below the signal line. The MACD histogram is also decreasing, which indicates an increase in bearish pressure over the current market price, while the Relative Strength Index (RSI) level is now at 78.83.
Bitcoin price analysis conclusion
To sum up, the 24-hour and 4-hour Bitcoin price analysis indicates that the bearish pressure is strong on the BTC market. The prices are falling toward lower levels and if this situation continues, we may expect to see a further decline in prices. The bulls need to show their strength and push the prices upward, or else the bearish market may continue for some more time.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve
Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2023-04-12/