BTC Price Stumbles to $27,522 as Bears Take Control – Cryptopolitan
The latest Bitcoin price analysis reveals that the BTC market has been trending down for the past few days. The bears have taken control of the market and this is likely to extend further as the USD continues to strengthen. The BTC/USD pair is currently trading at $27,522, which is lower than yesterday’s close of $28,208.
Market sentiment remains bearish as investors continue to look for an exit from the asset. Bitcoin is facing strong resistance at the $28,208 level and it has failed to break above this mark. The support level for BTC is currently at the $27,039 mark which can be tested if the current momentum continues.
Trading volume for BTC is considered to be relatively low at the moment, indicating a lack of buyers in the market. Currently, the trading volume stands at $16 billion, which is lower than yesterday’s figure. The market cap for BTC has also been seen dropping and is currently at $532 billion, down 1.34 percent compared to yesterday’s figure.
BTC/USD 1-day price chart: Coin value drops to $27,522 after bearish rush
The 24-hour Bitcoin price analysis indicates that the token has experienced a volatile session. The bears initially pushed the token below the $28,000 mark before quickly recovering to hit an intraday high of $28,178. However, it failed to sustain its gains and began to decline as investors continued to exit their positions in the asset.
The daily chart for BTC indicates a bearish crossover with the MACD, indicating more losses in the short term. The Relative Strength Index (RSI) is still trending lower and is currently positioned at 63.04; any further downward pressure could make it even lower.
The 50-day exponential moving average (EMA) is currently noted at $27,544, while the 200-day EMA is around $27,545, indicating that bulls need to take control of the market soon and bring in some buying pressure or prices may continue lower from here.
Bitcoin Price Analysis: Bearish wave continues as price downgrades further to $27,522
The four-hour Bitcoin price analysis chart indicates that the bears have regained control of the market and are pushing prices lower. The market for BTC opened today’s market at $27,619, and selling pressure has increased as the day progresses, pushing the token below the $27,500 mark.
The Moving Average Convergence Divergence (MACD) is still trending down, and any further losses could push it further down into bearish territory. The histogram has also been declining with red bars indicating that selling pressure is increasing. The Relative Strength Index (RSI) has also been declining and is currently seen at 47.30, indicating that BTC may experience further losses in the near term. EMA crossover is also seen with 50-day EMA crossing above 200-day EMA, indicating a bearish trend in the market.
Bitcoin price analysis conclusion
Overall, Bitcoin price analysis remains bearish today as investors continue to look for exits from the asset. The token has fallen below $28,000 and any further losses could take it even lower. The support level for the token is currently seen at $27,039, and if this level is breached, prices could fall even further. However, buying pressure could increase if market sentiment starts to improve, taking BTC back above $28,000.
While you wait for Bitcoin to move forward, check out our price estimates on XDC, Cardano and Curve
