The Bitcoin price analysis is bearish for today as the price of BTC has dropped to $28,426 from a high of $29,000. The downtrend has continued as the bears have taken over, with buyers struggling to hold off the wave of selling pressure. The previous day the bullish trend was high and the buyers managed to push BTC/USD price above $29,000. However, the bears managed to make a comeback and pushed the price below the $28,646 resistance level.
The bearish pressure is likely to continue in the coming days as the buyers struggle to bring back its momentum. The immediate resistance for BTC/USD has moved up to $28,646 and a break above can lead it toward its next resistance level of $28,957. On the lower side, BTC has crucial support at the key $27,583 mark which could be tested in the near future if the bears remain in control. A break below this level may trigger further-selling pressure and take Bitcoin’s price toward its next support at $26,923.
Bitcoin price analysis 24-hour chart: BTC gains momentum at $28,426 after a bullish trend
The 1-day price chart for Bitcoin price analysis shows bears are pulling the price down and seem successful in their attempts. Price is decreasing gradually as bears continue their lead. The past few hours proved insignificant for the cryptocurrency. The BTC/USD pair traded between the range of $27,583-$28,646 today and is trading hands at $28,158 at the time of writing with a loss of 1.94 percent.
The 24-hour trading volume for the cryptocurrency is $20 billion, with a decrease of 4.47 percent compared to the previous day. The total market capitalization of Bitcoin is $544 billion and its dominance stands at 60.8 percent.
The SMA line is also heading downwards, which indicates that the market trend is bearish. The RSI value is currently at 64.12, which shows that the current momentum is quite weak and the selling pressure is dominant. The MACD line is also below the signal line, which shows that the downward trend of BTC/USD is going to continue in the near future. The Moving average indicator is currently standing at $27,948 just below the current price level.
Bitcoin price analysis: Recent developments and further technical indications
The 4-hour Bitcoin price analysis shows that the bulls have been at the lead for most of the days, but a four-hour bearish activity has changed the trend in the bearish direction. A considerable decline in BTC/USD price has been observed during this time. The price has dropped below $28,000 which is a major support area and this could be the start of further selling.
From the technical point of view, the Moving average converges divergence (MACD) is in favor of the bears as it has already crossed below the 0 level. The histogram is also showing the downward pressure with a negative value. The Relative Strength Index (RSI) has dropped below 60 levels and it may test the 30 levels soon if this bearish movement intensifies. The moving average indicator is now standing at $28,298 just below the current market price.
Bitcoin price analysis conclusion
The overall Bitcoin price analysis suggests that the bearish momentum is likely to remain in control for the time being. The major support of $27,583 could be tested if the bears keep pushing the prices lower. On the other hand, a break above $28,426 can provide bullish pressure and take the BTC/USD pair toward its next resistance at $28,957. The technical indicators have also been favoring the bears in recent days and it is likely to continue if the selling pressure persists.
Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2023-03-31/