Bearish Momentum Pulls BTC Price Below $29,000 – Cryptopolitan

The latest Bitcoin price analysis shows that the bears are in control of the market as they have continuously pushed prices down to $28,906. The strong bearish momentum started when bulls failed to break past resistance at $29,820. Since then, the bears have strengthened their grip on the market, taking BTC prices further south.

The negative price action has BTC trading below the critical $29,000 level in recent hours. The bulls were in control of the market earlier today and even managed to briefly push prices above $29,000. However, bearish momentum has kept the market in a downtrend since then.

Bitcoin Price Analysis 24-Hour Price Chart: BTC Retraces Below the $29,000 Level After a Bearish Run

The 24-hour Bitcoin price analysis chart shows that BTC is currently trading at $28,906 after a loss of more than 2.46 percent in the last few hours. The market is now struggling to stay above the $28,000 level. BTC market cap fell 2.65 percent to $558,239,668,446 and 24-hour trading volume fell 7.89 percent to $16,267,038,733, respectively, indicating selling pressure is intensifying as concerns of further price losses prevail.

The MACD line, which measures market momentum, has been declining, indicating a negative crossover that suggests the BTC market trend may continue. In the short term, the Technical Ratings indicator is flashing a “strong sell” signal, alerting traders to a likely continuation of the bearish rule and asking them to reassess the direction of their holdings in light of current market sentiment. The moving average indicator is present at $28,987, just above the current market price. The Stochastic RSI indicator is also showing signs of bearish momentum as it has retreated below the 20 mark and continues to trend south. This suggests that traders should proceed with caution in light of the looming risk of a deeper correction in the market.

Bitcoin Price Analysis: Recent Developments and Additional Technical Indications

The 4-hour Bitcoin price analysis suggests that the bears have caused significant damage during the first eight hours of the current trading session, as the coin’s price has undergone a drop today; however, bulls are also striving to raise the price level, but have only been partially successful.

The price is now settling at the $28,906 level as the bulls have provided support, which acts as a cushion for BTC. The short-term trend line is also moving downwards, indicating a major bearish sign. The moving average is above the $29,257 price level with the 50-day moving average and 200-day moving average both below today’s price level, which may indicate a bearish phase.

The RSI indicator is also trending around the 47 mark signaling a bearish breakout and if the bearishness persists the RSI may move to the oversold region. The moving average convergence divergence (MACD) line is also below the signal, adding further strength to the bearish trend. Therefore, all the technical indicators are currently showing weak sentiment in the market and traders need to exercise caution before taking any positions.

Bitcoin price analysis conclusion

Overall Bitcoin price analysis indicates that the bears are in control of the market. The technical indicators suggest that further bearish momentum is likely to prevail in the near future. Traders should therefore be extra careful when taking positions, as there is a chance of a deeper correction if bulls fail to regain control of the market.

While you wait for Bitcoin to move forward, check out our price estimates on XDC, Polkadot and Curve

Disclaimer. The information provided is not trading advice. Cryptopolitan.com has no responsibility for investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.