The Bitcoin price analysis points in a bearish direction for today as the coin went into correction in the past few hours after setting a record high of $31,005 early today. The price has decreased to the below $31,000 level as bears got the lead back after the price broke upwards at the start of today’s trading session. The price is currently trading at $30,356 and is down by 0.46 percent in the last 24 hours.
The Bitcoin market has seen some strong bullish activity over the past few days as the price went on to set a new all-time high of $31,005. However, this recent surge in prices has been met with some selling pressure as bears seem to be trying to take back control of the market. The support level at $30,044 has been breached and the price is now trading very close to this level.
Bitcoin price analysis 1-day price chart: BTC price falls to $30,356 as selling pressure builds
The 24-hour Bitcoin price analysis shows the price has decreased again after increasing in the beginning hours. The BTC/USD pair is trading hands at $30,356 at the time of writing as the bears are leading the price function, the BTC still shows an increase in value by 8.49 percent over the last seven days, as the price was increasing continually.
The market capitalization for BTC currently stands at $586 billion, with a decrease of -0.73 percent in the last 24 hours, however, the trading volume is still in favor of the bulls as it stands at $22 billion, with a growth of 26.44 percent in the last 24 hours. The circulating supply of BTC is 22 billion tokens, and the market dominance is at 45.53 percent.
The 24-hour Bollinger bands show a decrease in volatility as the price is on the brink of coming back to its old range. The upper Bollinger band is standing at $30,574 and the lower Bollinger bands stand at $26,691. The Relative Strength Index (RSI) also shows that a decrease in bullish pressure is driving the price down as it currently stands at 70.49. The Moving Average Convergence Divergence (MACD) indicates a bearish crossover with a decreasing MACD line.
Bitcoin price analysis: Recent developments and further technical indications
The 4-hour price chart for Bitcoin price analysis shows the price breakout was upwards at the start of the trading session, but the price function turned downwards four hours back. The bearish activity has reignited and has been gaining strength for the last four hours as the price has been corrected to $30,356, and if the bearish activity continues then we can expect a further correction in the price.
The oscillators have also turned bearish as the 4-hour RSI currently stands at 60.05, and points downwards with a decreasing trend line. The 4-hour MACD also indicates a bearish crossover with its histogram decreasing. The Bollinger bands are converging which points towards a decrease in volatility as the price action is continuing to consolidate. The upper Bollinger band stands at $30,920 and the lower Bollinger band is at $29,820.
Bitcoin price analysis conclusion
Overall, the Bitcoin price analysis points toward a bearish trend for today as the selling pressure is increasing and the bulls have been pushed back. The price could continue to fall further if this bearish activity continues in the coming hours. The selling pressure should be watched closely as the price could correct more if it continues and the support level at $30,044 could be tested again. If a bull rally does occur then we may see BTC break past its all-time high of $31,005.
While waiting for Bitcoin to move further, see our Price Predictions on SHIB, Litecoin, and Aave.
Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2023-04-14/