Bitcoin price analysis shows a downward trend in the bearish market today.The BTC token fell 3
- Bitcoin price analysis shows a downward trend in the bearish market today.
- The BTC token fell 3.33% to a trading price of $26238, which is the lowest point so far today.
- The support for BTC/USD is at the level of $26106.
The latest Bitcoin price analysis shows a strong bearish trend. Due to the price falling again during the day, bears dominated the price chart. At present, its closing price is $26238, with a loss of nearly 3.33%. Due to bearish positions pushing BTC/USD below the psychological threshold of $27000, it hit a low of $26106 within the day and prices continued to decline.
Due to the absence of any signs of recovery from bulls, bears may place Bitcoin under their control for the foreseeable future. Due to this expectation, investors fled the market, bringing the market value of Bitcoin to $510 billion, down 3.33% in the past 24 hours. However, the trading volume over the past 24 hours was $15 billion, indicating that some traders remain optimistic. This decline indicates that bears still hold the upper hand in the market, and in the eyes of traders, the possibility of bulls returning is very low.
Bitcoin Price Analysis 24-hour Price Trend Chart: BTC shows a strong bearish trend on the chart
Looking at the 1-day price chart of Bitcoin price analysis, it is shown that due to the increasing bearish trend, prices have steadily declined. Short sellers successfully controlled the market, pushing BTC/USD down to a low of $26106. However, bulls are still trying to make a comeback as sellers seem to be struggling with momentum.
BTC's Relative strength index (RSI) is 37.79 and has recently fallen below its signal line, indicating that BTC is currently in a bearish market. For investors who want to take advantage of the current market conditions, this is a potential profit buying opportunity. The Bollinger band is also narrowing, indicating that volatility is decreasing and consolidating within a certain range. The upper track of the Bollinger Belt is located at $28886, while the lower track is located at $25908. The moving average indicator (MA) also shows bearish sentiment, as the 50 day moving average crosses below the 100 day moving average.
Bitcoin Price Analysis 4-Hour Price Chart: No signs of reversal in the downward trend
The 24-hour Bitcoin price analysis chart shows that the token is in a strong downward trend, with bears dominating the market. The currency pair has formed a series of lower highs and lower lows, indicating that selling pressure is intensifying.
Compared to the current price of $26913, the moving average (MA) value is still very high. Due to the previous bullish trend, the SMA20 curve is also rising. The Relative strength index (RSI) also confirmed the bearish market sentiment, because it is at 32.63, far below the oversold level, indicating that there will be more bearish pressure in the future. After the breakthrough of the Bollinger Belt, it is now squeezing together, which is a sign of reduced volatility. The lower limit is $26378 and the upper limit is $27506.
Conclusion of Bitcoin Price Analysis
In conclusion, the price analysis of Bitcoin shows that despite some bullish attempts by bulls, market sentiment is still bearish. The selling pressure is still significant, and if it falls further, it may test the level of $26000. The indicators also indicate that short positions are under control, and any signs of recovery still have a long way to go.
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