Bitcoin price analysis for today reveals that the bears are dominating the market. The cryptocurrency has dropped below $27,000 and is currently trading at a low of $26,853. The sellers have been able to push prices down by 2.76%, and it doesn’t look like buyers have the strength to reverse this trend anytime soon. Looking ahead, BTC may face strong resistance in the region around $27,900. If the bears continue to dominate, then BTC is likely to remain range-bound between $26,000 and $27,000. On the other hand, if buyers step in and push prices higher, then BTC can retest the previous high of $27,868
Bitcoin price analysis 1-day chart: BTC trades in a bearish zone
The one-day Bitcoin price analysis is confirming a decline in coin value, as the price has been following a bearish trend for the day. The bulls were in control during the early part of the day, but gradually, sellers stepped in and took control. The market capitalization has been decreasing, and it is currently at $522 billion. However, the trading volume is still quite high, currently sitting at $15 billion.
The Relative Strength Index (RSI) of BTC is moving toward the oversold region, and it currently stands at 45.84. The MACD line has crossed below the signal line to enter a bearish zone, indicating that sellers have taken control. The signal line is present at -0155.93, and a further downward slope can be expected in the near term. The Bollinger bands are currently showing high volatility as prices remain range-bound. The upper Bollinger line is at $27,866, and the lower one is placed at $226,199.
Bitcoin price analysis: BTC is likely to remain range-bound
The 4-hour Bitcoin price analysis reveals that the price is likely to remain range-bound in the near future. The buyers and sellers both have an equal chance of taking control, and there are no clear signs of either side winning out. The 50-EMA and 100-EMA are currently showing a bearish trend, and the 200-EMA is acting as a resistance for the bulls.
The MACD line has crossed below the signal line to enter a bearish zone, indicating that sellers are in control. The histogram has been reducing as well, and it suggests that the selling pressure may remain in control for a while. The RSI is currently at 40.02, and it is close to entering the oversold region. The volatility is low in the market, as the Bollinger bands are currently converging. The upper Bollinger line is at $28,304, and the lower one is placed at $26,934.
Bitcoin price analysis conclusion
Overall, it can be seen that Bitcoin price analysis reveals a bearish bias in the market. It is likely that prices will remain range-bound between $26,000 and $27,000 in the near term. The bears may continue to dominate if buyers fail to take control of the market. The technical indicators and chart patterns are also pointing towards a bearish trend.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve
