Bitcoin price analysis illustrates that the price is showing volatility in the short run. The bulls tried to surge above the $27000 level to shift the trend on their side. However, the bears dragged the price below the $27000 level.
The daily chart shows that the price trend favors the bears in the short term after Bitcoin fell below the $29000 level. The bears have controlled the trend and are trying to break below $25000. The bulls have firmly established their stand near the $25000 level.
The technical indicators suggest that the Bitcoin price fell below the 50-day and 200-day EMAs indicating weakness on the BTC price chart. Moreover, the bulls made an attempt to recover but suffered rejection from the 50 EMA and declined.
Bitcoin originated in 2008 as a decentralized cryptocurrency and holds a market cap of $517.3 Billion (press time). Bitcoin accounts for 49.2% share in the overall crypto market in terms of market cap. It has delivered a 61% year-to-date return to the investors.
Bitcoin Price Suffered Rejection From 50-Day EMA.
The Bitcoin price is currently trading at $26,534 and forms a bearish engulfing pattern near the recent swing high. The price shows weakness on the charts which may invite sellers to drag the price to lower levels. The price is nearing support of $26500, the breakdown of which may drag the price to test lower levels of $25700 and $25013.
The volume analysis shows that BTC crypto received $15.19 Billion in the past 24 hours, which is below the 10-day average volume. The crypto holds a market cap of $517.3 Billion and ranks 1st in the crypto market. The volume to market-cap ratio is 2.90% indicating low volatility in the market.
Technical Indicators Show a Bearish Trend Dominance
MACD lines are showing a positive crossover. Also, histogram bars are being formed above the mean line of decreasing height, indicating the buyers’ fading momentum.
The EMA analysis shows that the BTC price fell below the 50 and 200-day exponential moving averages indicating the domination of sellers in the price trend.
Conclusion
Bitcoin price analysis indicates short-term volatility, with the bears dominating the market. The price fell below key support levels, including $27,000 and $29,000. Technical indicators suggest weakness in the BTC price chart, with the 50-day and 200-day exponential moving averages breached. Bitcoin, a decentralized cryptocurrency, has a market cap of $517.3 Billion and a 49.2% dominance in the overall crypto market. The current price is $26,534, with a bearish engulfing pattern forming near the recent swing high. The volume analysis shows a lower-than-average trading volume of $15.19 billion in the past 24 hours.
Technical Levels
- Support Levels: $26,376 and $25,780.
- Resistance Levels: $27,450 and $28,244.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/09/21/bitcoin-price-prediction-btc-might-crash-below-25k-analysts/