Current Bitcoin price analysis shows that BTC/USD is going down under once again as the price has been repeatedly rejected from the $21k level. The sellers are unrelenting near the higher price levels as per on-chain analytics. The technical indicators are neutral on the hourly charts meaning a new direction downward is oncoming.
The bear phase is surely to last longer as traders are unwilling to buy more BTC. The June 18 fall below $18,000 level beckons the sellers since the $4.23 billion loss in a single day may spark some revenge trading as well. Many crypto experts believe that Bitcoin capitulation is well on its way.
Bitcoin price analysis in the last 24-hours: Traders are betting on lower levels
Bitcoin whales are back in action as their purchase is sparking some bullish action on the hourly charts. The bottom may well be close as the traders anticipate some slowdown in the current bearish phase. The BTC demand from whales may not make serious impact on the market right now but can definitely spark confidence in the market in the short term.
So, can bulls turnaround the Bitcoin price analysis towards positive territory? It is too early to suggest any sharp revision in the prices since the trading volume is low. The bullish purchase on the hourly charts is forming a Doji candle which reflects that the indecision on the hourly charts is only going to spark a candle lower.
BTC/USD 4-hour chart: Indecision reflects bears sitting on the sidelines
The sentiment remains negative since the traders are sitting on the fence. Minor bull runs will only spark interest amongst the bears to sell on higher price rallies. Minor rallies are being sold into as day traders pounce on whatever bullish view remains on the charts.
If the bulls are able to rebound BTC/USD price on the hourly charts above $21k confidently over a period of two days, there is a chance that bulls might be able to pull off a multi-day price rise. On-chain analytics shows that bulls are also aggregating buying action near $20,000 for accumulation which can create a safe-wall near the $20k barrier.
The 20-day EMA near $22,900 ensures that any sharp rise in the price is sold by the bear as per Bitcoin price analysis. The $24,000 level represents the 50% Fibonacci retracement level and shows that bulls will have a tough time to climb higher. stiff resistance at $24k barrier will only push the bulls to slow down buying action as a lining of sell orders ensures recurring selling on the hourly charts.
Bitcoin price analysis conclusion: Technical indicators show more pain in the store
A string on technical indicators on the hourly charts show that BTC/USD pair is about to undergo another round of selling. The RSI at near 35 shows stagnation in addition to acting as an invite for the bears. The daily charts does show a silver lining as the pair aims to bounce towards higher 50-day EMA resistance at $22,900 level.
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