Bitcoin price analysis points to a significant drop in price over the past few days. The BTC coin is currently trading at around $26,876, with a notable 0.77 percent drop in the past 24 hours. The BTC token started at $27,020 today and quickly started retesting below $27,000 before turning lower.
The bearish trend in bitcoin price analysis is likely due to investors withdrawing funds due to heightened market volatility and uncertainty caused by the pandemic. Selling pressure is escalating as market sentiment is overwhelmingly bearish. The support level at $26,827 does not appear to be enough to contain the sell-off and the BTC token is likely to break below this level in the near term.
Bitcoin price analysis 24-hour chart: BTC is on the brink of a collapse
The 24 hour chart of bitcoin price analysis shows an overall weak trend in BTC price analysis. The bulls were in the market this week, hitting a daily high of $27,265 but quickly started to decline as the bears applied strong selling pressure.
The market cap fell to around $521 billion for a sharp 0.70% loss. It appears buyers are still unable to gain a foothold as selling pressure is clearly dominating the market. However, the trading volume is still high at $8.23 billion, up 17 percent.
BTC/USD 1-day chart Source: TradingView
The Relative Strength Index (RSI) is currently at 34.78, falling below the 50-neutral zone, suggesting that the bears are still in control of the market. The MACD chart is also bearish as it shows growing bearish divergence and the 24-hour SMA (Simple Moving Average) is still on a downtrend. The Bollinger Bands are also close together, indicating low volatility in the market. The lower band is $26,739 and the upper band is $27,213.
BTC/USD 4-hour chart: A massive decline will take the price below $27,000
The 4-hours chart for bitcoin price analysis shows a massive drop in the past few hours as the BTC token breaks below the key resistance of $27,265. This suggests that selling pressure has increased and there are no signs of bearish exhaustion just yet.
BTC/USD 4 hour chart Source: TradingView
The MACD indicator on the daily chart is also declining as the MACD line breaks below the signal line and extends its downtrend. Furthermore, the current price is below the moving average indicator of 26,987 as both the 50-day MA and 200-day MA are sloping down. The lower Bollinger Band is currently at $26,739 and the upper Bollinger Band is at $27,213, indicating low volatility in the market. The RSI is currently at 34.78 which is another indication that the bears are now in full control of the market and this trend is likely to continue unless there is a bullish signal in the market.
Bitcoin price analysis conclusion
Bitcoin price analysis confirms that the chances of another drop are high. The bears have consistently been the leaders and this trend will continue in the period to come. The price is in a danger zone and it has broken below its support level of $26,827.
While you wait for bitcoin to keep moving, check out our price predictions for XDC, Polkadot, and Curve
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