The Bitcoin price analysis reveals that the bears have been pushing the price lower since it failed to break out of key resistance at $28,300. The token has dropped below the $28,000 level and is currently trading around $27,431, with a loss of nearly 0.05 percent. The bulls are looking for support at the $27,070 level. However, if the selling pressure continues, then BTC could drop even further to test below the $27,000 region.
On the other hand, a break above $27,701 is needed to push the price higher and put an end to this bearish trend. The short-term moving average is flattening out, indicating that the near-term momentum could remain bearish. This means that trading ranges could be in play over the next few days before a clear direction is established.
Bitcoin price analysis 24-hour chart: Cryptocurrency value slips back below $28,000 level
The one-day Bitcoin price analysis shows a bearish trend for the market as a sudden drop in price was observed in the past few days. Although the bulls were progressing quite swiftly in the earlier weeks, the trends are shifting in favor of the sellers. The coin value has been reduced to $27,431 due to the latest bearish shock.
The market capitalization for the token stands at $531 billion, with a decrease of 0.05 percent in the last 24 hours, indicating that the market is yet to find support. The 24-hour trading volume for Bitcoin has decreased by 0.59 percent and stands at $15.5 billion, as of now, with the circulating supply at 19,355,918 BTC.
The Relative Strength Index (RSI) is indicating slightly bearish conditions as it has dipped below 40 levels and currently stands at 43.62. The MACD further confirms the bearish bias with a steep red slope in the charts, indicating that the selling pressure may continue in the near future. The 20-EMA has caused a crossover with the 50-EMA in favor of the bears, and this could be crucial for the coin’s price movements. The price has gone even below its moving average (MA) value which is standing at $28,131.
Bitcoin price analysis: BTC losses value at $27,431 due to a bearish takeover
The Bitcoin price analysis value has undergone a decline in the past four hours, as the price has covered a downward movement. The four-hour price chart shows red candlesticks occupying the leading position, and the price has been lowered to a $27,431 low. The selling activity will likely intensify further as the bearish pressure is heightening.
The 50-EMA line has gone below the 100-EMA line to cause a bearish crossover. The Stochastic RSI oscillator has recently formed a bearish crossover and is trading inside the oversold territory due to increased selling activity. The bears have been able to control the market momentum and the coin’s price has dropped below its short-term moving average. The histogram on the MACD indicator is also reflecting negative sentiment in the market.
Bitcoin price analysis conclusion
The Bitcoin price analysis reveals that selling pressure is currently dominating the market, as the token has been pushed below $28,000. The price action could become more volatile if it decides to breach $27,070 support which can open up a door for another bearish wave. The technical indicators are in support of the bears, and they could cause further declines if buyers fail to show up. However, the bulls need to reclaim above $28,000 in order to prevent any further losses.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve
