Bitcoin price analysis for today shows Bitcoin price has settled at $22.4K as the daily RSI retraces the 2023 bull run. The daily candle is facing a bearish engulfment which may be an indication of a deeper slide unless BTC bulls take control. Bitcoin fell 5% in a single hour overnight into March 3, dropping to its lowest levels in over two weeks, according to data from Coinmarketcap.
The price decline saw BTC/USD hitting a three-week low of $22,342.47, down from its intraday high of $23,848.90 on Tuesday. The pair, however, managed to avoid a close below the critical support at $22,000.The selloff was likely caused by traders taking profits as BTC/USD posted a 12-day winning streak prior to the correction. On Wednesday, Bitcoin price analysis showed some recovery from the dip but bulls were unable to defend the support of $23,000.
Bitcoin price analysis on a daily chart: BTC trades around $22,400 as analysts remain divided over the odds of recovery
After the sudden dip, Bitcoin’s RSI on daily timeframes restored to its initial value back in early 2023 – a clear indication of just how much potential it still has. Analysts now remain divided over whether the bulls can take back control and turn this correction around. Bitcoin is trading at $22,326.13, down by 4.86 percent in the last 24 hours.
The $22,000 support level still holds strong after a few tests in recent days, but if it is broken to the downside, then BTC/USD could see further losses toward $19,800. On the upside, if Bitcoin price analysis holds today’s gains, then the resistance at $23,800 could be a viable target.
The daily trend of Bitcoin’s pricing indicates that the largest cryptocurrency has declined sharply in tandem with Ether and other altcoins, largely due to worries about Silvergate bank. As BTC/USD managed to preserve $22,000 as a level of support, analysts are now trying to anticipate how things will progress from here on out; some suggest viewing this situation with composure while others forecast an even larger pullback for Bitcoin.
The momentum oscillators on both hourly and daily timeframes remain bearish as Bitcoin price analysis shows the market sentiment has shifted to the downside. Ultimately, it will be up to BTC bulls to decide whether this correction was nothing more than a blip or if it is the precursor to further losses. For now, Bitcoin’s price remains at a critical juncture that could dictate the direction of cryptocurrency markets for days and weeks to come.
Bitcoin price analysis on a 4-hour chart: Bears mount pressure on BTC price
Bitcoin price analysis on a 4-hour chart shows BTC is stumbling around a crucial support level of $22,400, as bears mount pressure on the world’s largest cryptocurrency. The RSI indicator is still strongly bearish and pins the prospects of an upside recovery at this stage. If Bitcoin does not find acceptance above $23K soon, then it will likely slide back to its previous low of $21K.
In addition, the MACD indicator has just turned red and is moving south in a bearish trajectory. As such, traders should remain cautious despite the signs of recovery seen on Wednesday.
The technical indicators are bearish and it will take some strong buying pressure for BTC/USD to break above the resistance at $23K and even attempt a recovery toward its yearly highs. Until then, Bitcoin traders can expect more volatility as the world’s largest cryptocurrency remains stuck in a downturn.
Bitcoin price analysis conclusion
Overall, Bitcoin price analysis shows that traders are filled with doubt over whether BTC/USD can continue its run toward record highs. The current downturn has been caused by a combination of profit-taking, Silvergate Bank worries, and bearish technical indicators.
For now, the $22K level remains strong as the ultimate support for Bitcoin’s price. If bulls are able to reclaim control and break above $23K then it could be the start of a new bull run.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve
