Bitcoin price analysis: BTC struggling amid downtrend as price holds $16,548 |
The Bitcoin price analysis shows that the cryptocurrency has gone through a bearish momentum in the latest price chart. The bearish momentum has been continuously at a peak, as the last hours have seen a major decline in the price value. The price has lowered to the level of $16,548, causing a reversal in the uptrend that followed earlier this day. As the short-term trending line is also showing downward movement, further reduction in price can be expected.
However, some support is still quite strong for BTC. The $16,416 mark served as a strong floor of support in the past price movements, and this level is likely to hold again in the near future. Additionally, the resistance is at the $16,642 mark, and if this level continues to hold, the price of Bitcoin may see a resurgence in the near future.
BTC/USD 1-day price chart: Bears debase coin value ruining further chances of improvement
The 1-day Bitcoin price analysis is indicating that the price has undergone a major decline today. That has been made possible by the bears who have been able to interrupt the successive bullish wins. The bears have taken the price value down to $16,548 with a 0.32% loss in the last 24 hours. The price has been trying to gain momentum for the entire day but after holding out strong at the $16,642 mark, it debased further.
Looking at the 1-day moving average graph shows that there is a downtrend on this chart. The price is still present below the Moving Average (MA) value which is currently set at $16,500. The Bollinger bands have resulted in increased volatility which is a partially negative indication for the future. The Bollinger band indicator in the 1-day price chart is displaying the following figures; the upper band is showing a $17,869 value whereas the lower band is showing a $15,501 value. Lastly, the Relative Strength Index (RSI) has also taken a sharp turn toward the downside and has decreased up to 36.91.
Bitcoin price analysis: BTC bulls receive a great shock as price movement reverses abruptly
The 4-hour Bitcoin price analysis is going strongly bearish as the cryptocurrency has gone through a major loss in the last hours. The BTC/USD price has dropped to the $16,548 level, which has been an unexpected blow. The bullish momentum that was present earlier in the day has been completely reversed following a sharp movement of price from $16,642 to $16,548. This sudden change has caused an abrupt reversal in Bitcoin’s uptrend and bears now seem to be gaining control over the market.
Meanwhile, the 4-hour price chart is also showing the Moving Average to be at $16,502, and the Bollinger bands average at $16.543. The SMA 20 curve is also going downwards after covering a note-worthy distance through ascending movement.
Moreover, the upper Bollinger band is found at the $16,613 level whereas the lower half is touching the $16,434 level. The Relative Strength Index (RSI) score has also decreased significantly because of the ongoing bearish activity and is now present at 52.38.
Bitcoin price analysis conclusion
: Overall, it seems that the current price movement is indicating a bearish trend for Bitcoin price analysis. The Bitcoin price movement is expected to continue in this direction for some more hours. However, we can expect a reversal in the trend if the short-term trending line starts moving upward. It could be possible that Bitcoin bulls don’t give up their fight soon and start building support at $16,416, which would again trigger an uptrend in the price value of BTC.
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