Bitcoin price analysis shows a bearish trend in the near term, as prices have fallen throughout the day and are now below the resistance level of $29,837. This suggests that further declines could be incoming, as the current support level of $27,324 is unlikely to hold if bearish momentum continues. Despite a strong rebound from $27,324, there is still some bearish sentiment in the market that could drive prices lower.
The previous day the bullish momentum was strong, and prices rose from $27,000 levels to peak at $29,837 level before being rejected. This suggests that buyers may have run out of steam at this point and further upward momentum is not likely. However, this bullish momentum could not sustain itself as the bears immediately took control of the market and pushed prices lower again.
Bitcoin price analysis 24-hour chart: BTC goes down to $29,266 after a bearish run
The daily Bitcoin price analysis shows a downward trend for the market as the selling momentum remained high during the day. The bears have successfully tackled unfavourable circumstances as the bullish current has been disrupted. The price is now at $29,266, and further devaluation is to follow if the selling activity experiences a further rise, additionally, the BTC token is down by 1.20 per cent from the opening price.
The Bollinger bands on the daily chart have been converging, indicating that the price action is becoming more volatile. The upper Bollinger band is present at the $31,238 level and the lower band is at $26,835. This suggests that the price could remain confined in a range for some time unless there are any drastic changes in market sentiment. The Relative Strength Index (RSI) has also dropped below 60 and is currently at 56.32, pointing to a bearish bias in the market. The moving average indicator is also showing a bear trend, with the 50-Day MA currently below the 200-Day MA.
Bitcoin price analysis 4-hour chart: Bearish momentum remains
The four-hour Bitcoin price analysis chart shows a bearish trend prevailing in the market, with prices currently trading at the $29,266 level. The bearish and bullish momentum has been oscillating, with neither side taking control of the market, however, the bearish momentum has been stronger. In the past four hours, the bearish momentum has been on the rise, and the bearish pressure has pushed the prices lower.
The hourly Bollinger bands are squeezing, indicating low volatility in the market. The upper Bollinger band is at $29,787 and the lower band is present at $26,651. The RSI indicator has also dropped below 70 and is currently at 60.90, indicating that the bearish momentum is still strong. The moving average indicator on the 4-hour chart is currently at around the $28,917 level, with 20 SMA below the 50 SMA.
Bitcoin price analysis conclusion
Overall, Bitcoin price analysis shows that further downside is likely in the near term as bears remain firmly in control of the market. The current support level at $27,324 is unlikely to hold if bearish momentum continues and prices could see further declines before any upside recovery. The selling momentum has been strong, and buyers may have run out of steam at this point.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve
