The Bitcoin price analysis reveals that the token has been on a downward trajectory after breaching the resistance level of $29,952. The token has been facing rejection at this level for some time now. The bearish pressure is intensifying, as the Bitcoin price has slipped below the $29,000 level, which was a major support line. At the time of writing, BTC/USD is trading at $28,570, with a loss of 2.75 per cent in the past 24 hours.
The market capitalization of the asset is $553,052,877,076 and is down by 2.18 per cent in the 24-hour time frame, indicating that the sellers are dominating the market, however, the 24-hour trade volume of BTC is $18.45 billion, signifying that there is still a healthy amount of buying pressure. The circulating supply of the asset has reached 19 million BTC tokens and its market dominance is hovering at 45.05 per cent.
Bitcoin price analysis 24-hour chart: BTC price depreciates to $28,570 after a downturn
The one-day Bitcoin price analysis shows that the price is headed down once again after encountering defeat. Although an uptrend was at its peak on the previous day, the sellers took control of the market in no time and pushed it below the $29,000 mark. The support level for the token is seen at $28,360, which was recently tested earlier today. The price is still above the moving average (MA) value, which is at $28,692.
The Bollinger bands on the daily chart are exhibiting bearish pressure. The volatility is moving below the normal range and the price is trading closer to the lower Bollinger band. This indicates that there could be more losses in store for BTC if bearish pressure continues for an extended period. The upper Bollinger band is standing at $31,200, while the lower band is present at $27,070. The RSI (relative strength index) for the token is at 49.97 and has made a negative crossover with the 50-line, indicating the bearish pressure prevailing in the market.
Bitcoin price analysis 4-hour chart: Recent updates
The four hours Bitcoin price analysis is indicating a bearish trend as the price has dropped at a significant level. The short-term trending line is now descending because of the downward price movement. Although the bulls were maintaining their lead efficiently the previous day, the chart proved unsupportive for the buyers. The price has been lowered to $28,570, just below the $29,000 mark.
The volatility on the 4-hour chart is below the normal range, indicating that the bearish pressure could continue if there is no significant buying momentum. The Bollinger bands are also heading downward, which is another sign of the bearish trend. The upper band stands at $29,727, while the lower band is seen at $28,624. The RSI is also heading down as it is at 42.55 and has crossed below the 50-line, suggesting that the sellers are leading the market at this point.
Bitcoin price analysis conclusion
The short-term Bitcoin price analysis shows that the token is facing bearish pressure as it has slipped below the $29,000 level. The sellers are dominating the market as they have pushed BTC/USD to its current value of $28,570 and could further decline if no support is seen. The technical indicators and chart patterns are also pointing to bearish pressure in the market.
