Bearish swing results in BTC price correcting down to $23,808 – Cryptopolitan
Bitcoin price analysis shows a bearish swing in the market with BTC/USD correcting down to $23,808. . A decrease in the price level has also been observed in the last 24 hours, which is quite discouraging for the buyers.
The bearish momentum has taken over the BTC market and bulls seem unable to break past the $24,103 resistance level. Additionally, Bitcoin is holding a support level of $23,739 at press time, showing that buyers are still trading in the market while trying to prevent further losses. And the further downside is expected if the price level does not rise soon.
The next resistance level for BTC/USD is $24,267, which was the previous high level recorded at the previous day’s high. If the buyers are able to break this level, the bullish momentum will be regained and a further increase in Bitcoin price can be expected.
Bitcoin Price Analysis 1-Day Price Chart: Bearish Pressure Takes Price Beyond $24,000 Fence
The daily Bitcoin price analysis indicates that a price decline has taken place in the last 24 hours. BTC/USD is trading below the $24,000 mark and is currently consolidating below the $23,808 support level. The bearish pressure in the market has resulted in a decline of over 1 percent in the last 24 hours, and the market seems to be in favor of the bears. Circumstances have been favorable for the bulls in recent days. However, today’s trend has been extremely supportive for the sellers as the price has dipped up to the $23,808 level.
The MACD chart appears to be in a negative state, with the MACD line crossing below the signal line in a bearish fashion. This further states that the market is currently dominated by sellers as buyers are unable to break past the $24,103 resistance level. The RSI indicator also indicates that Bitcoin’s current trading price is below 60, which means that it has moved into an oversold zone and any further decline in price may result in a bearish trend. The moving average (MA) in the one-day price chart is at the $24208.89 level
Bitcoin Price Analysis: Investors remain cautious as BTC/USD faces a bearish swing
The four-hour Bitcoin price analysis also shows signs of a bearish trend, as the price has dropped to a significant level. The reversal in trends was quite unexpected, as the bulls led the price chart earlier. Nevertheless, a downward trend has been observed in the last four hours. However, the price action is following a pattern of high-low movements if observed during 24 hours and now the price has moved down to the $23,808 level.
The price has gone below the $23908.11 moving average as a result of the bearish trend as the 50-day MA is also trading below the 200-day MA. The Relative Strength Index (RSI) adds the bear hold concept on the 4-hour price chart, with a value of 36.18 and moving below the SMA line. With the RSI now below 50, indicating that further price declines are likely, this change in momentum favors the bears. The moving average convergence divergence indicator reveals that the bearish momentum is still intact in the market, with the MACD line crossing below the signal line.
Bitcoin price analysis conclusion
The Bitcoin market is currently in a bearish swing and the chances of further price decline are high. Investors should be cautious as increased selling pressure could lead to more losses for the buyers. Additionally, if the current resistance level of $24,267 is not breached, more downside from BTC/USD can be expected. The coming days will be crucial for the Bitcoin market as it faces strong bearish pressure.
