The Latest Bitcoin price analysis reveals that the bearish trend has been gaining strength over the past few days. The selling pressure has been rising steadily as the bears take control of the market. At the moment, the BTC price has dropped below $28,000, and the bears are looking to push the price further down. The selling pressure started to build up earlier this week when the BTC failed to break past the $30k psychological level, and it has been growing since then.
At the time of writing, the BTC/USD is trading at $27,365 and it has dropped by 2.59% in the last 24 hours. The short-term trend for Bitcoin is bearish and there are chances that the price could go even lower. If that happens, we might see a retest of the crucial $27,167 support level or even a further downward correction.
The circulating supply for BTC is 19,353,137, and the total market capitalization stands at $527 billion. This indicates that Bitcoin still has a lot of potential for growth in spite of the bearish trend in the short term. The trading volume over the past 24 hours is $18.22 billion, and this shows that there is still a lot of interest in Bitcoin despite the bearish trend.
Bitcoin price analysis 24-hour chart: Bears adamant as they push prices below the $28,000 level
The 24-hour Bitcoin chart reveals that the bears are in full control of the market. The price has dropped significantly below the $28,000 level after a series of lower highs and lower lows. The bearish pressure is quite strong, and it looks like the bulls are not yet ready to take over.
The previous week, BTC /USD was hovering above the $30,000 mark, and the bulls were itching to make a break past it. But, the bears held their ground and pushed the BTC price down below $28,000. The price even broke below the short-term support at $27,167 but managed to recover back above it within a few hours.
The technical indicators are also signalling a bearish trend. The technical indicators are still bearish with the RSI currently trading at the 41.30 level, which shows that there is still some room for prices to fall further before reaching oversold territory. The MACD, on the other hand, is giving a bearish signal as the histogram is falling and is about to cross below the zero line. The MACD line is clearly below the red signal line and seems to be gaining strength. The 200 SMA line is well placed below the current market price, which is a sign that the path of least resistance is still to the downside.
Bitcoin price analysis 4-hour chart: BTC/USD is facing rejection at $28,291
The 4-hour Bitcoin chart reveals that the bears are still in full control of the market. The price has been rejected at $27,500 and is currently trading just below the crucial resistance level. The week started with Bitcoin trying to make a break past the $30,000 mark, but that was quickly rejected and moved down below $30k, and since then the price has been on a downward trend.
The market decline shifted to the bearish sentiment as indicated by the RSI line, which is headed below the 20.00 level. The RSI indicator is currently trading at 18.50, indicating that the market is in oversold territory and could experience a pullback in the coming days. BTC price was stuck at a critical juncture of sideways trading before the bears won the battle and prices succumbed to selling pressure. The MACD indicator is also signalling a further decline as the histogram is falling and about to cross below the zero line. The moving average lines are also in favour of the bears, as the 100 SMA is below the 200 SMA in a bearish alignment.
Bitcoin price analysis conclusion
In conclusion, Bitcoin price analysis suggests that a downward movement in price has been recorded following a recent loss. However, if the currency can hold steady above key support levels, then there may be hope for a price recovery in the near future. The technical indicators are still bearish and there is a possibility that the price could go even lower.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve
Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2023-04-22/