Bitcoin price analysis shows a bearish trend in today’s session. The cryptocurrency has traded as low as $28,130 and is currently trading at around the same levels. The market sentiment is heavily tilted towards bearish and traders are expecting a significant decline in prices over the next few days. The bullish trend was seen in the last few hours as the bulls attempted to break the resistance of $28,475.
The current trading levels of Bitcoin will be seen as a crucial point, as the support and resistance around this level will decide the trend for the next few days. If the bears succeed in breaking this support, then there is a potential risk of further downside action over the coming days. On the other hand, if the bulls manage to successfully defend this level then an upside rally could be expected.
Bitcoin price analysis 24-hour chart: Bearish pressure at $28,130 after the selling pressure
The 24-hour chart of Bitcoin price analysis shows the bearish pressure at $28,130, with a decrease in buying pressure and an increase in selling pressure. BTC/USD is down by more than 3 percent in the last 24 hours. The chart also shows a bearish trend in the form of lower highs and lower lows, with lower highs forming around $28,475 and lower lows at $27,607. The circulating supply of Bitcoin is currently at 16,593,621,735 BTC. The market cap over the last few hours has been very low at $544 billion, a decrease of more than 0.20 percent. However, the trading volume has seen a surge in the last 24 hours and is currently at $16 billion.
The MACD chart has generated a bearish crossover as the signal line is trading below the MACD line, which supports the bearishness in the market. The current RSI value is standing at 62.44, which indicates a lack of buyers in the market and puts BTC/USD under a bearish cycle. The Bollinger bands have also converged, indicating a decrease in volatility. The upper band is trading at $29,783 and the lower band is trading at $25,508.
Bitcoin price analysis: Recent developments and further technical indications
The four-hour Bitcoin price analysis shows a continuous decline in the coin’s value, as a massive fall has been observed in the past few hours. This is because the bears have made a comeback and are striving hard to win back their lead. The selling momentum is increasing, which is why the coin value leveled off at $28,130. The sudden bearish sweep has had devastating effects on the buyers. The moving average value is to cross below the SMA 50 curve, which is currently present at the $5,783 mark.
The hourly technical indicator, the stochastic RSI, is nearing the oversold zone and is at 51.64 marks. It is expected to stubbornly stay above this level with a bearish slope which indicates that the coin still has no buying pressure and implies more selling in the near future. The Bollinger bands on the hourly chart indicate a decrease in volatility and are converging at the $28,370 mark. This shows that the market bears are putting more pressure on the currency and could push BTC/USD to a lower level in the coming days. The upper Bollinger band is at $28,790 and the lower Bollinger band is at $27,950.
Bitcoin price analysis conclusion
Overall, Bitcoin price analysis shows that further downside action is likely in the near future and traders should be cautious while trading crypto as volatility will remain high over the next few days. The support and resistance levels at $28,130 will play an important role in determining the trend of the coin. A break below this level could push BTC/USD further down while a break above can see it reach higher levels.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve
Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2023-04-03/