Bulls Fail to Defend Key Support at $23,000, Falling to Lows at $22,342.47 – Cryptopolitan
Bitcoin price analysis for today shows that Bitcoin price has settled at $22.4000 as the daily RSI restores the 2023 bull run. The daily light is facing a bearish engulfing which could be indicative of a deeper slide with less BTC bulls takes control. Bitcoin fell 5% in a single hour overnight to March 3, falling to its lowest levels in more than two weeks, according to data from Coinmarketcap.
The price decline saw BTC/USD hit a three-week low of $22,342.47, down from its intraday high of $23,848.90 on Tuesday. However, the pair managed to avoid a close below the critical $22,000 support. The sell-off was likely caused by traders taking profits as BTC/USD posted a 12-day winning streak before the correction. On Wednesday, Bitcoin price analysis showed some recovery from the decline, but bulls failed to defend the $23,000 support.
Bitcoin Price Analysis on a Daily Chart: BTC Trades Around $22,400 as Analysts Remain Divided Over Recovery Odds
After the sudden decline, Bitcoin’s RSI on daily time frames recovered to its original value in early 2023 – a clear indication of how much potential it still has. Analysts are now divided on whether the bulls can take back control and reverse this correction. Bitcoin is trading at $22,326.13, down 4.86 percent in the last 24 hours.
The $22,000 support level is still holding strong after a few tests over the past few days, but if broken to the downside, BTC/USD could see further losses towards $19,800. On the upside, if Bitcoin price analysis holds today’s gains, the $23,800 resistance could be a viable target.
The daily trend of Bitcoin’s pricing indicates that the largest cryptocurrency has fallen sharply in tandem with Ether and other altcoins, mainly due to concerns about the Silvergate bank. As BTC/USD managed to preserve $22,000 as a support level, analysts are now trying to predict how things will develop from here on out; some suggest taking a calm look at this situation while others predict an even bigger pullback for Bitcoin.
Momentum oscillators on both hourly and daily time frames remain bearish as Bitcoin price analysis shows market sentiment has shifted to the downside. Ultimately, it will be up to the BTC bulls to decide if this correction was nothing more than a blip or if it is the precursor to further losses. For now, Bitcoin’s price remains at a critical juncture that could dictate the direction of cryptocurrency markets for days and weeks ahead.
Bitcoin Price Analysis on a 4-Hour Chart: Bearing increasing pressure on the BTC price
Bitcoin price analysis on a 4-hour chart shows BTC stumbling around a crucial $22,400 support level as bears increase pressure on the world’s largest cryptocurrency. The RSI indicator remains strongly bearish and offers the prospect of an upside recovery at this stage. If Bitcoin does not find acceptance above $23K soon, it will likely slide back to its previous low of $21K.
In addition, the MACD indicator has just turned red and is moving south in a bearish trajectory. As such, traders should remain cautious despite the signs of recovery seen on Wednesday.
The technical indicators are bearish and it will take some strong buying pressure for BTC/USD to break above the resistance at $23K and even attempt a recovery towards its annual highs. Until then, Bitcoin traders can expect more volatility as the world’s largest cryptocurrency remains stuck in a bearish period.
Bitcoin price analysis conclusion
Overall, Bitcoin price analysis shows that traders are filled with doubts about whether BTC/USD can continue its run towards record highs. The current decline has been caused by a combination of profit taking, Silvergate Bank concerns and bearish technical indicators.
For now, the $22K level remains strong as the ultimate support for Bitcoin’s price. If bulls are able to regain control and break above $23K, it could be the start of another bull run.
While you wait for Bitcoin to move forward, check out our price estimates on XDC, Cardano and Curve
