The latest Bitcoin price analysis shows a negative sentiment as the token dropped below $28,000 after a bearish return. At the time of writing, BTC is trading at $27,910 with a negative sentiment.
The charts indicate that a descending triangle has been formed with levels at $28,096 and $27,828. The bears have tried to break through this support level in an attempt to take the token further downwards. On the other hand, there is strong resistance at the $28,096 mark.
A break of either of these levels could determine the next course for BTC. If the bears manage to push through and breach this support level of $27,828, then it could mean more losses for BTC. On the other hand, if the resistance at $28,096 holds, then we could see a positive trend in terms of Bitcoin price analysis.
BTC/USD has been hovering around $28,000 levels for the past few days after a surge in activity saw it move above the high of $26,647 last week. This drop in price after a bearish return indicates that the bulls could be losing steam, and the outlook for Bitcoin’s future is uncertain at this point.
Bitcoin price analysis 24-hour chart: BTC loses value at $27,910 after a strong sell-off
The 24-hour Bitcoin price analysis chart shows a significantly decreased in BTC price today. The market opened trading in bullish momentum, with the token reaching a high of $28,096. However, it eventually dropped and is trading at $27,910 now, with a decrease of almost 0.46 per cent, implying that the BTC market could remain bearish in the near term.
The trading volume for Bitcoin is seen to be relatively low at the moment, indicating a lack of buyers in the market. Currently, it stands at $10 million, with a market cap of $540 million. The circulating supply for BTC is at 19,341,712 tokens, with a dominance of 45.34 percent.
The moving average (MA) value, which is currently set at $28,163, is being traded below the price. The volatility is low with Bollinger bands converging, which implies that the market is consolidating. The upper Bollinger bands are at $28,776, and the lower Bollinger bands are seen at $27,322, implying that BTC could remain range-bound for some time. The relative strength index (RSI) is currently at 58.48, which indicates a bearish market in the near term.
Bitcoin price analysis: Recent developments and further technical indications
The 4-hour Bitcoin price analysis is also negative because BTC suffered a big loss for the past few hours. The selling pressure has reduced the coin’s worth, but bulls are also active because they have recently been seeking to raise the price. The sellers have become more powerful and are likely to keep it at the lower level for some time.
The four-hour moving average indicator is currently at $28,010, with 50-day and 200-day exponential moving averages (EMA) in the bearish region, indicating a decrease in the token’s worth. The relative strength index (RSI) is currently at 45.21 and is showing further bearishness. The Bollinger bands in the chart indicate a bearish market as the two bands are converging, and the price is trading at their lower levels. The upper band is seen at $28,195 while the lower band is trading at $27,900, indicating a bearish market in the near term.
Bitcoin price analysis conclusion
Overall, Bitcoin price analysis indicates that the token is trading in a bearish market and could go down further if the bears manage to break through the support level of $27,828. The technical indicators are further pointing to a bearish trend, with selling pressure being seen in the market. The bulls are still active and could bring BTC back up if they manage to break through the resistance at $28,096. It is best to wait and watch the market before placing any trades in the near term.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve
Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2023-04-09/