The latest Bitcoin price analysis shows that the bears are in control of the market as they have constantly been pushing prices lower to $28,906. The strong bearish momentum started when bulls failed to break past resistance at $29,820. Since then, the bears have been strengthening their hold on the market and taking BTC prices further south.
Cryptocurrencies price heatmap, Source: Coin360
The negative price action has caused the BTC to trade below the critical level of $29,000 for the past few hours. The bull was in control of the market earlier today and even managed to push prices up briefly above $29,000. However, the bearish momentum has kept the market in a downtrend since then.
Bitcoin price analysis 24-hour price chart: BTC retraces below the $29,000 level after a bearish run
The 24-hour chart for Bitcoin price analysis shows that BTC is currently trading at $28,906 after with a loss of more than 2.46 percent in the past few hours. The market is now struggling to stay above the $28,000 level. The BTC market capitalization fell by 2.65 percent to $558,239,668,446 and the 24-hour trading volume fell by 7.89 percent to $16,267,038,733, respectively, indicating that selling pressure is intensifying as worry for further price loss prevails.
BTC/USD 24-hour price chart, source: TradingView
The MACD line, which gauges market momentum, has been declining, indicating a negative crossover implying that the BTC market bear trend may continue. In the near term, the Technical Ratings indicator flashes a “strong sell” signal, alerting traders of a likely continuation of the bear rule and prompting them to rethink the direction of their holdings in light of the current market attitude. The moving average indicator is present at $28,987, just above the current market rate. The Stochastic RSI indicator is also showing signs of bearish momentum as it has retraced below the 20-mark and continues to trend south. This suggests that traders should proceed with caution in light of the looming risk of a deeper correction in the market.
Bitcoin price analysis: Recent developments and further technical indications
The 4-hour Bitcoin price analysis suggests that the bears have caused substantial damage during the first eight hours of the current trading session, as the coin’s price has undergone a fall today; however, bulls are also striving to uplift the price levels but have been only partially successful.
The price is now settling at the $28,906 level as the bulls have provided support, which is acting as a cushion for the BTC. The short-term trending line is also moving downward, which indicates a major bearish sign. The moving average is above the price level of $29,257 with the 50-day moving average and 200-day moving average both below the current price level, which may indicate a bearish phase.
BTC/USD 4-hour price chart, source: TradingView
The RSI indicator is also trending around the 47-mark which signals a bearish breakout and if bearish persists RSI may move to the oversold region. The moving average convergence divergence (MACD) line is also beneath the signal, adding further strength to the bearish trend. Thus all the technical indicators are currently showing weak sentiment in the market and traders must exercise caution before taking any positions.
Bitcoin price analysis conclusion
Overall Bitcoin price analysis is indicating that the bears are in control of the market. The technical indicators suggest that further bearish momentum is likely to prevail in the near future. Thus traders should be extra cautious when taking positions as there is a chance of a deeper correction if bulls fail to take back control over the market.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve