The recent Bitcoin price analysis is in favor of bearish momentum as the price nears the support level of $22,213. The bears have taken over the price charts once again and brought down the price from the $23,000 to $22,245 level, as market sentiment is bearish towards BTC/USD. Selling pressure in the previous days has driven the price lower in a downward trend.
The BTC/USD has decreased by more than 0.37 percent in the past 24 hours and is currently trading below $23,000. The price has broken below the lower boundary of a falling trend line, which indicates that selling pressure may be increasing.
Bitcoin Price (BTC) has taken a downside reversal from the higher levels and fell below the important support of $22,213 due to the crisis going on inside the crypto Bank Silvergate (NYSE: SI), which has triggered the negative sentiment and BTC futures witnessed a massive long winding across the exchanges.
Bitcoin price analysis 1-day price chart: More downtrend to follow?
The 1-day price chart for Bitcoin price analysis shows the price breakup was downwards today and continues to go down as of now, and the BTC/USD pair is trading hands at 22,245 at the time of writing. The price trend was upward during the entire last week, but today the price seems to be sliding sideways. A bearish reversal pattern on the daily chart could suggest that further downside is likely in the near term. However, traders should keep an eye on the double-top support level, as a sustained break above this level could see a short-term rally to $22,213 and beyond.
The technical analysis of Bitcoin (BTC) reveals that prices are in a bear grip, and any negative news can aggravate further downside. Therefore, short sellers must remain watchful for the Silvergate news, or they may find themselves ensnared. The moving average convergence and divergence (MACD) indicator shows the trend is bearish, and it could possibly go down to $22,000 in the near future.
The relative strength index (RSI) is at 42.09, which indicates that the downward momentum is still in play, and any further downtrend can be expected. The moving average indicator is below the 50-day level, which implies that further downside momentum is likely.
Bitcoin price analysis: Recent developments and further technical indications
The 4-hour price chart for Bitcoin price analysis shows a continuous degradation of price, and no considerable bullish effort has been observed today. The last candlestick appearing on the 4-hour chart may also turn red soon as the sellers are currently dominating the market. The moving average on the 4-hour chart is at $22,326 and is likely to remain at a crucial level for the next few hours.
The MACD oscillator indicator is giving a bearish signal, as is exhibited by the red color of the histogram in the last 24 hours. The RSI is slightly above the oversold zone, which means that the price may find some kind of bounce from here onwards. But overall, bearish sentiments remain intact, and unless and until Bitcoin crosses back above the 23,000 level, further short positions can be taken for aggressive profits.
Bitcoin price analysis conclusion
Overall, Bitcoin price analysis appears to be in a bearish trend, and any further downside is likely as long as prices stay below the $23,000 level. The support and resistance levels will be crucial in the coming days, and traders should remain watchful of these. A break above 22,405 can provide some upside toward the previous high of $23,000. On the downside, a break below 22,213 can push prices toward 22,000 in the near term.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve
