Bitcoin prices fell below $27000 on Sunday.The overall chart indicates that Bitcoin may decline
Bitcoin price analysis shows that there has been a significant decline in prices over the past few days. At the time of writing, the trading price of BTC was approximately $26876, which has fallen by 0.77% in the past 24 hours. The BTC token started trading at $27020 today and quickly began retesting below $27000 before falling.
The bearish trend in Bitcoin price analysis may be due to increased market volatility and uncertainty caused by the pandemic, leading to investors withdrawing their funds. As market sentiment is basically bearish, selling pressure is increasing. It seems that the support level of $26827 is not enough to limit selling, and BTC may fall below this level in the near future.
Is Bitcoin on the brink of collapse?
The 24-hour chart of Bitcoin price analysis shows the overall weakness of BTC price analysis. Bulls appeared in the market earlier this week and reached a daily high of $27265, but due to the heavy selling pressure from bears, prices began to rapidly decline.
Its market value has plummeted by 0.70% to approximately $521 billion. Buyers seem to have yet to gain any traction, and selling pressure clearly dominates the market. However, transaction volume may still be high, increasing by 17% to $8.23 billion.
The Relative strength index (RSI) is currently at 34.78 and has fallen below the 50 neutral zone, indicating that short positions are still controlling the market. The MACD chart is also bearish, as it shows an increasing bearish trend and is simple 24 hours a dayMoving Average(SMA) is still on a bearish trajectory. The Bollinger bands are also close to each other, indicating low market volatility. The lower band is $26739, and the upper band is $27213.
Bitcoin Price Decline
The 4-hour chart of Bitcoin price analysis shows a significant decline in the past few hours as BTC tokens fall below the key resistance level of $27265. This indicates an increase in selling pressure, and there is currently no sign of a bearish trend.
Daily chartMAGCDMACDMoving Average 26,987 50 200
The current price for the lower track of the Bollinger Belt is 26739 US dollars, while the upper track of the Bollinger Belt is 27.213 US dollars, indicating a low level of market volatility. The RSI is currently at 34.78, which may indicate that bears are currently fully controlling the market, and unless there are bullish signals in the market, this trend will continue.
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