Bitcoin price analysis for today shows BTC is down 0.44% on the day, bringing it to around the $27,300 level. Bitcoin’s recent downturn has left the cryptocurrency in a precarious position, with the price settling at $27,369 and fighting for last month’s support at around $26,600. The over 7% loss before the weekly candle closed shows the significant downtrend in BTC’s market, and now the pair faces a decision to either sit near current support or break out.
Traders are eager to see further downside to take waiting bid liquidity, but Bitcoin price analysts believe that all may not be lost. Despite the recent setback, BTC sought to regain lost ground on April 23, although 10-day lows remained in place. The coming days will be crucial for Bitcoin as it navigates through this tumultuous period and tries to regain its footing in the market.
BTC/USD Technical Analysis: BTC fails to hold above the $30,000 level
Bitcoin price analysis shows Bitcoin shows that BTC/USD failed to stabilize above the $30,000 level and remained volatile. After reaching a peak of around $31,000 in mid-April, BTC has been on a downward trajectory since then. The pair had been trading in a range between $27,600 and $30,000 for the past few weeks before it finally broke below that range.
The technical analysis shows that the Relative Strength Index (RSI) is currently hovering around the 40 level which indicates a neutral condition. The Moving Average Convergence Divergence (MACD) also suggests a bearish outlook in the short term. However, the pair could potentially find some support at around the $25,000 level before making a comeback.
The price of BTC is on the verge of breaking below the 50-day moving average, which shows that the bulls are struggling to control the market. Bitcoin’s price has been fluctuating between $27,070 to $27,979 over the past 24 hours, and traders will be watching to see if it can break out of its current support or make a recovery. A break below $25,000 could signal further losses for Bitcoin in the coming days. The Bollinger bands have narrowed significantly, indicating that BTC is in a near-term consolidation phase.
Bitcoin price analysis on a 4-hour chart: Will BTC break below the $26,000 level?
The 4-hour chart for Bitcoin price analysis today shows that BTC/USD has been ranging between $26,600 and $27,800. The pair is currently sitting at around $27,300 as Bulls continue to defend the support zone from further downside movements. The Fibonacci Retracement shows that the pair has been trading in a range of 61.80% and 38.20%. A break below the $26,000 level could signal further losses for Bitcoin as it seeks to reclaim its former glory.
The 4-hour RSI is currently at around 40.78, which indicates that BTC is not oversold yet. The MACD is still in a bearish zone and shows that the downward trend has further to go before reaching a reversal point. Further technical analysis reveals BTC has formed a bearish pennant pattern, which could signal further selling pressure in the coming days. If this is the case, BTC could test its next support level of $25,500 before finding any reprieve.
Bitcoin price analysis conclusion
Overall, Bitcoin price analysis indicates the BTC/USD pair has traded in a tight range since it broke below $30,000 and is now stuck between $26,600 and $27,800. The pair is vulnerable to further losses if it breaks below the $26,000 level and could test its next support level at $25500. In order to reverse the current bearish trend, BTC must break above the $30,000 resistance level.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve
