The latest Bitcoin price analysis shows a bearish trend for the cryptocurrency as it has been devalued over the past 24 hours. After a brief spike in its price to $23,048, BTC/USD failed to sustain the bullish momentum and has been on a steady downtrend ever since. Currently trading at $22,428, the pair has faced multiple rejections during its bearish trajectory.
Cryptocurrency price heatmap, Source: Coin 360
Currently, the cryptocurrency is trading around $22,628 with major support at the $22,406 level. This suggests that any further negative movement could lead to further declines in the value of Bitcoin. The bearish wave is getting stronger as selling momentum strengthens over time. The downside curve is expected to extend in the coming hours today and the price is approaching the support level.
Bitcoin price analysis 1-day price chart: bearish wave extends after a short interval
Looking at the chart one day, it can be seen that bitcoin price analysis has been in a downward spiral since the start of today’s trading. BTC shows that a bearish trend is currently dominating the market as the coins are seeing a drop in value. The price has been recovering for the past week, but now the bearish trend is getting even stronger. The short-term trend line is moving in a descending direction again and the BTC/USD value now stands at $22,628.
BTC/USD 1-day chart Source: TradingView
The price is now below its moving average (MA), which is currently positioned at $22,147. This suggests that if support is not found, the current bearish wave could extend in the near term. The RSI (Relative Strength Index) is also down to 84.37, further confirming that the bears have taken control of the market and a reversal is not expected anytime soon. The Moving Average Convergence Divergence (MACD) is also showing a bearish crossover as the signal line is trading below the MACD line.
Bitcoin price analysis 4 hour chart: the price falls to $22,628 while the downtrend follows
The hourly price displayed for Bitcoin price analysis is supporting the bears as the cryptocurrency’s value has declined significantly over the past few hours. BTC/USD fell from a high of $23,048 to its current price of $22,628. The downtrend is still intact and the pair failed to sustain any bullish momentum to reverse this bearish wave. Trading volume for the pair currently stands at $26 billion, which is lower, while the market cap sits at $435 billion.
BTC/USD 4 hour chart Source: TradingView
MACD indicators are showing a bearish crossover, suggesting extended losses in the near term. The histogram of the MACD also shows a negative picture as it falls towards the zero line. The RSI is trading at 59.98 and is showing no signs of a reversal anytime soon. Another drop in value could be seen if the $22,406 support level fails to hold. The moving average indicator is also moving in the down direction, suggesting that there are no signs of bullish momentum in the near term.
Bitcoin price analysis conclusion
Overall, Bitcoin price analysis is showing a bearish trend taking over the market as BTC/USD has failed to sustain its rise and has been on a steady decline ever since. Indicators are pointing to more losses in the near term if support is not found. Investors should be cautious and wait for the right opportunity beforehand
While you wait for bitcoin to keep moving, check out our price predictions for XDC, Cardano, and Curve
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