Recent Bitcoin price analysis shows the bears have been able to suppress the price levels below the $28,802 level during the latest downtrend. The bears are reigning the price charts as the price has decreased again during the day. Currently, it is settled on the $28,403 mark and is expected to decrease to an even lower level in the coming hours as well.
The bearish momentum is to extend in the future as well as the broader cryptocurrency market is indicating a downtrend. However, the bulls can still provide some support at $28,268. This is the crucial level to watch and if the bulls manage to break this one, then BTC/USD could surge above $28,802 in no time.
Bitcoin price analysis 24-hour chart: More downtrend to follow?
The 24-hour Bitcoin price analysis chart is showing bearish signs, as it has been forming lower highs and lows over the course of the day. The price has broken below the resistance at $28,802, leading to a decrease to as low as $28,403 during the day, with a 0.06 % decrease in the last 24 hours. The market capitalization for BTC stands at $548 billion and the 24-hour trading volume is at $13 billion.
The relative strength index (RSI) is falling toward the 63.10 level and is moving toward the overbought zone. The moving average convergence divergence (MACD) also indicates a bearish trend, as the MACD line has crossed below the signal line and is heading further down. The Bollinger bands are in a consolidating pattern, which would indicate that BTC could be heading toward sideways movement before any significant movements take place. The upper Bollinger band is at $29,878 and the lower one is at $24,441.
Bitcoin price analysis: Recent developments and further technical indications
The 4-hour price chart for Bitcoin price analysis shows a continuous degradation of price in the past 4 hours. The bears have been trying hard to push the price levels down, but they are still not able to break the crucial support of $28,268. The bulls are now trying to push the price up as sellers are now entering the market, but their efforts will be futile if the resistance at $28,802 is not broken.
The Bollinger bands in the 4-hour chart are still in a consolidating pattern, which would indicate that the price is heading toward a sideways movement before any significant movements take place. The upper bands are holding at $28,830 and the lower one is at $27,860. The relative strength index (RSI) has been decreasing gradually over the past hours but now is heading toward the overbought zone, indicating that there could be some potential for a bullish surge in the near future. The moving average convergence divergence (MACD) line has crossed below the signal line and is heading further down.
Bitcoin price analysis conclusion
In conclusion, Bitcoin price analysis shows that BTC/USD is currently trading at $28,403 after bears made significant moves. The support level of $28,268 is crucial to watch and if the bulls manage to break this one, then BTC/USD could surge above $28,802 in no time. The selling pressure is intensifying, but the technical indicators are showing some potential for a bullish surge in the near future.
