Bitcoin price analysis shows Bitcoin has been consolidating above $27,000 during today’s trading session. Bitcoin has been trading sideways in the past 24 hours, with the price trading in a narrow range near $27,000.However, the price has slid lower and broken below $27,000. BTC is currently trading at a low of $26,493 as the selling pressure intensifies.
Bitcoin is trading at $26,552.46, near the lower end of the range. The price has bounced off the support near $26,500 but is still below a major resistance level of $27,000.
Technical analysis shows Bitcoin is trading in a declining channel and may see further losses in the coming days. If BTC breaks below $26,430, it could test the next support level
at $26,000. On the other hand, if Bitcoin manages to break above the resistance level of $27,000, then a further rise to the $28,000 mark is possible.
BTC/USD price analysis on a daily chart: Bears optimistic of a further downward move
The Relative Strength Index (RSI) is below the 50-mark, indicating bearishness in the market. The Moving Average Convergence Divergence (MACD) shows that the negative trend will likely continue. Bitcoin failed to break above the $28,000 mark and tested the support of $27,000. The price is currently trading downward and may test the support near $26,430.
The current market sentiment shows the bears extended their grip after breaking the Fibonacci retracement levels. If BTC falls below $26,430, it could test the next support level of $26,000. On the upside, a break above $27,000 will be needed for a further move toward $28,000.
The technical analysis shows BTC is trading below the 200-day moving average and will likely test the support near $26,430. A break below this level could see further losses in the coming days. The bears are optimistic about a further downward move, but the bulls still need to break above $27,000 for upside momentum.
BTC/USD technical analysis on a 4-hour chart: BTC nosedives below $27,000
The 4-hour chart shows Bitcoin has fallen below the 200-day moving average. The RSI is in the bearish zone, indicating that further losses are likely. On the upside, if BTC manages to break above $27,000, a further rise to the $28,000 mark is possible. The MACD shows that the current trend is bearish, and further losses are likely.
Bitcoin’s immediate support is $26,000; an extended decline could take the price to $25,000. On the upside, BTC must break above $27,000 for any meaningful upside move. The current market sentiment suggests that further losses are likely soon.
Bitcoin price analysis on the 4-hour chart affirms that BTC has gradually fallen from an intra-day high of $27,012 to a low of $26,493. The price is currently trading in a declining channel and could see further losses if it breaks below the support of $26,430. On the upside, BTC needs to break above $27,000 for any meaningful upside momentum.
Bitcoin price analysis conclusion
Bitcoin price analysis for today shows the bears have extended their grip on BTC as the price change in the last 4 hours is a downtrend of 2% at the time of writing. The technical indicators are bearish and suggest further losses if BTC fails to break above $27,000 in the coming days. The next support levels are near $26,430 and $26,000; a break below these could see Bitcoin fall back to the all-time low of around $25,000.
