The Bitcoin price analysis market has fallen precipitously over the last 24 hours, with optimistic efforts to rebound thwarted after the $28,000 level was decisively broken. The bulls’ attempts to push prices back up were unsuccessful, resulting in a gradual slide down to the current price of $27,440.
The previous days saw BTC prices hovering around $28,000; however, today’s spike in selling pressure has been too much for the market to handle. While prices are currently being held up by support at $27,310, there is a risk of them falling further if bearish momentum continues. The BTC market is currently facing immense selling pressure, but there are some potential signs of a potential rebound in the near term.
Bitcoin price analysis on a daily chart: Bitcoin dips to lows of $27,440 after a strong sell-off
The daily Bitcoin price analysis shows the price fell today as a result of renewed selling pressure. The price of the BTC/USD pair has dropped significantly over the previous hours and is currently trading at $27,440, with a loss of 6.3 per cent. The bears managed to break the important resistance level of $28,986, indicating that the trend could be in their favour for now.
Due to the risk of future price falls, traders were cautious and unwilling to purchase BTC, resulting in low trading volumes in the market. The market capitalization for BTC also fell significantly and is currently at $533 billion.
BTC price analysis on the 24-hour chart shows that the coin is currently in bearish market sentiment. The market decline shifted to the bearish sentiment as indicated by the RSI line, which is headed below the 50.00 level. The RSI indicator is currently trading at41.88 and heading toward the oversold territory, which is another sign that prices are likely to fall further in the short term. The moving average also suggests that the bearish trend is currently in control and that prices could test the level of $28,697 if the bearish momentum intensifies.
Bitcoin price analysis 4-hour chart: BTC price continues sinking below the $28,000 level
The latest Bitcoin price analysis on a 4-hour chart shows continues to drop following the price breakout. Bitcoin price analysis for today shows BTC is currently stuck in a consolidation phase around the $27,440 mark. This comes after the currency saw a sharp drop in value this week as sellers pushed the price below key support levels.
The technical indicators are still bearish, with the RSI currently trading at the 27.07 level, which shows that there is still some room for prices to fall further. The MACD, on the other hand, is giving a bearish signal as the histogram is falling and is about to cross below the zero line. The MACD line is clearly below the red signal line and seems to be gaining strength. The 200 SMA line is well placed below the current market price, which is a sign that the path of least resistance is still to the downside.
Bitcoin price analysis conclusion
In conclusion, Bitcoin price analysis suggests that a downward movement in price has been recorded following a recent loss. However, if the currency can hold steady above key support levels, then there may be hope for a price recovery in the near future.
