BTC coin suffers downtrend at $23,010 as bearish market sentiment continues – Cryptopolitan

Bit­coin price analy­sis is bear­ish as the price has fur­ther declined today. The price lev­els have reduced to the $23,010 range, and a steady decline in BTC price has been going on since ear­li­er today, as bears took the lead and changed the trend in their own favor, How­ev­er, the bulls still have some pow­er to keep the price steady, and sup­port is found at $22,908.

The bulls are stand­ing strong in terms of resis­tance as well, and have estab­lished a tough bar­ri­er at the $23,417 lev­el. That said, if the bears man­age to break through this lev­el and sus­tain their momen­tum there could be fur­ther price drops.

The bull had tak­en the price up to $23,417 yes­ter­day, but the bear­ish pres­sure has been too pow­er­ful to hold onto this lev­el. The price is cur­rent­ly at $23,010 and unlike­ly to rise any fur­ther as the bears have a strong grip on the market.

BTC/USD 1‑day price chart: BTC loses 0.71 percent as bearish pressure still persists

The 1‑day Bit­coin price analy­sis shows the cryp­tocur­ren­cy is fol­low­ing the down­trend again, as bears have regained their momen­tum after yesterday’s prac­tice. The coin val­ue has start­ed to decline again as it has reached $23,010, los­ing more than 0.71 per­cent val­ue. The trad­ing vol­ume has also decreased by 24 per­cent, as investors are wait­ing for the deci­sion of major investors that could affect the market.

The volatil­i­ty is increas­ing as the Bollinger bands are expand­ing, which is not a pos­i­tive indi­ca­tion for the future of cryp­tocur­ren­cy as the upper lim­it of the volatil­i­ty indi­ca­tor is show­ing more diver­gence upwards, and it has reached the $25,005 lev­el. The low­er lim­it of the Bollinger bands is at the $17,309 mark. The mov­ing aver­age (MA) is at the $22,876 mark, just below the cur­rent price lev­el. The rel­a­tive strength index (RSI) is trad­ing in the neu­tral range and has dived down to index 83.47, which shows the high bear­ish pres­sure on the BTC price.

Bitcoin price analysis 4‑hour price chart: latest bearish market sentiment weighs heavily on BTC

The 4‑hour Bit­coin price analy­sis indi­cates that the bear­ish momen­tum has result­ed in a fur­ther decline in the price val­ue. The price has dropped to $23,010, as the trend has remained bear­ish for today. The cur­rent bear­ish sen­ti­ment is still rul­ing the mar­ket, and if it con­tin­ues to stay so, then traders can expect more loss­es in the upcom­ing trad­ing ses­sions. Traders should keep an eye on key lev­els and wait for clear sig­nals from the mar­ket before enter­ing any long or short positions

The Bear­ish is still dom­i­nat­ing the trend as the price has faced a huge drop in the past few hours. The buy­ers have failed to show their pres­ence and push the prices high­er, which is why the bears remain in con­trol. The Bollinger bands are con­tract­ing slight­ly but still point towards bear­ish pres­sure on BTC/USD pair. The MA is trad­ing at the $23,042 mark while the RSI is down to index 55.75, show­ing a bear­ish trend in the market.

Bitcoin price analysis conclusion

Over­all, the Bit­coin price analy­sis shows that the bear­ish pres­sure is still present in the mar­ket and it doesn’t seem to be going away any­time soon. If bears man­age to break through the $22,908 sup­port lev­el then fur­ther loss­es are expect­ed for the Bit­coin price. Traders should keep a close eye on the mar­ket move­ments and wait for clear sig­nals before mak­ing any decisions.

While wait­ing for Bit­coin to move fur­ther, see our Price Pre­dic­tions on XDC, Car­dano, and Curve