Bitcoin price analysis shows that a downward trend has been underway since the start of today’s trading session. After hitting a high of $23,460, BTC/USD has been steadily declining and is currently trading at $22,886. Digital has lost more than 2.35% in the past 24 hours.
BTC/USD for today shows negative market sentiment revealed after BTC prices broke lower from a sideways trend that had been present for a few days. The total trading volume for BTC is nearly $442 million and the market capitalization of BTC is currently $18 billion. The digital asset occupies the first position on the list of cryptocurrencies in coin market cap by market cap. Meanwhile, there is a strong outflow from the exchanges, which could indicate increased selling pressure in the near future.
Bitcoin price action on a 1-day price chart: Bears adamant as they push prices below $23,000
1-day Bitcoin price analysis shows that since trading began today, BTC prices have trended lower as market conditions turned bearish. The price has been struggling to break out of the $23,460 resistance level for the past few days and as a result, the token has started falling.
The one-day technical chart of Bitcoin price suggests a downtrend for the future. Meanwhile, Bitcoin is currently trading below its 50 and 100 daily moving averages. Bitcoin’s RSI is at 75.52 suggesting a consolidated price trend. There is a negative slope in the RSI suggesting a downward price trend. The general sentiment of the RSI is bearish. Bitcoin’s MACD is currently in the negative region below the signal line indicating bearish market sentiment.
4-Hour Chart of Bitcoin Price Analysis: Selling Pressure Builds as BTC Continues to Fall
The 4-hour chart of Bitcoin reveals that the digital currency is currently trading in a narrow range between $22,878 and $23,460. Market sentiment for BTC turned bearish with heavy selling pressure seen on the downside. The market has made many attempts to break above the $23,460 resistance level but without success so far.
Bitcoin’s 4-hour technical chart shows bearish market sentiment with prices below its 50 and 100 moving averages. The moving average on the 4-hour price chart also suggests a bearish market trend at $23,289. The MACD for cryptocurrencies is currently below the signal line and has been steadily declining over the past few hours with the red candlestick in the histogram. The RSI line is also tilted slightly negative towards the oversold territory.
Conclusion of Bitcoin Price Analysis
Overall, Bitcoin price analysis shows that the bearish price trend is likely to continue if buyers do not step in soon. Currently, there are no signs of a rebound, so traders should be cautious and watch for any changes in market sentiment. Bulls need to get a firm foothold above the $23,460 resistance level if they want to push prices higher.
While we wait for Bitcoin to go further, check out our price predictions on XDC, Cardano and Curve