Bitcoin price analysis for today shows BTC is currently stuck in a consolidation phase around the $28,308 mark. This comes after the currency saw a sharp drop in value this week, as sellers pushed the price below key support levels.
The main resistance level for BTC is at $28,564, and it appears that this level will act as a major hurdle for the currency going forward. The immediate support level is at $28,161, although traders should expect further downside pressure in the near term.
The trading volume for the coin has been steadily declining, which may indicate that sellers are becoming more cautious. The market cap for Bitcoin is currently around $547 billion, with a reduction of around 0.06 percent over the past 24 hours.
Bitcoin price analysis 24-hour chart: Bulls are not able to break the bearish trend
Bitcoin price analysis on a daily chart shows that the bulls are having a hard time regaining control of the market. The digital asset has lost nearly 0.06 percent of its value in the last 24 hours, and it remains to be seen if the bulls can turn things around. The Market for BTC/USD opened at $28,455 today, and buyers pushed the price up to a high of $28,564 before losing momentum as the sellers took control.
The technical indicators are still bearish with the RSI currently trading at the 63.13 level, which shows that there is still some room for prices to fall further before reaching oversold territory. The MACD, on the other hand, is giving a bearish signal as the histogram is falling and is about to cross below the zero line. The MACD line is clearly below the red signal line and seems to be gaining strength. The 200 SMA line is well placed below the current market price, which is a sign that the path of least resistance is still to the downside.
Bitcoin price analysis 4-hour chart: Bears drag prices down to $28,308 after a minor loss
Bitcoin price analysis on a 4-hour chart shows that BTC/USD is in the middle of a bearish trend as buyers are currently not able to break the downtrend. The currency has dropped from its recent high of $28,564 and is now trading at $28,308 as more sellers are pushing the price further down.
The red candle on the 4-hour chart shows that the bulls were not able to maintain control of the market, however, buyers are still trying to regain control as the RSI is currently trading at 52.88 level. The MACD is also bearish as the histogram has crossed below the zero line and the MACD line is still below the red signal line. The 50-day moving average is below the current market price, which suggests that there may still be some further downside pressure in the near term.
Bitcoin price analysis conclusion
Overall, Bitcoin price analysis shows that BTC/USD has dropped to $28,308 after facing a minor loss and buyers are currently not able to gain enough momentum to break through the bearish trend. The technical indicators are also bearish, but the bulls do still have some hope as the RSI is slowly climbing up. The market will continue to be closely monitored in the coming days, and traders should remain cautious when entering into any position.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve
