According to the study of the Bitcoin price, BTC is now trading in a bearish flag pattern. The pricing range for it is between $21,500 and $22.50 at the moment.
On the daily chart, Bitcoin reached a low of $21,542 and is currently encountering numerous resistances near $22,000. The 100-day moving average is also proving to be a powerful resistance at this point in time.
At this time, the value of a single unit of the Bitcoin currency is equal to $21,675.80. This equates to a drop of 0.44% in the value of the asset over the course of the previous twenty-four hours.
The present price of Bitcoin is lower than its 50-day, 100-day, and 200-day moving averages of $22,000. The price of Bitcoin is receiving significant support from its moving average of the past 50 days.
The next important levels of support for an examination of the price of bitcoin are $20,800 and $19,800. On the positive side, major resistance is being encountered by Bitcoin at the price level of $22,000.
In the immediate future, a surge to $23,000 is possible if the bulls are successful in breaking over this barrier.
Selling Pressure Is Strong for the Bitcoin
An analysis of the daily chart for the price of bitcoin indicates that BTC is now trading in a bearish flag pattern. Resistance is projected to be at $22,000, while support is at $21,500.
This finding was made possible by the fact that BTC is trading in a range between these two levels. In the context of the Bitcoin price analysis, the 100-day moving average has been functioning as a significant barrier.
The next objective for the bulls would be $23,000 if they are successful in breaching this level. On the downside, a break below $21,500 for Bitcoin may trigger a sell-off that brings the price down below $20,500.
Several different technical indications are pointing to a bearish outlook for the Bitcoin price analysis, which is suggested by this scenario. Since the MACD is currently in negative territory and moving in a downward direction.
This suggests that sellers are now in a better position to influence the market than buyers are at the moment. The RSI indicator has broken below the 50 level, which indicates a pessimistic feeling in the market.
The exponential moving average paints a grim picture for the examination of the price of bitcoin (EMA). Which is likewise moving in a downward direction and has crossed below the MA50.
The next key levels to watch for are around 20,800 and 19,800, while 22,000 and 23,000 represent resistance.
Analysis of the 4-Hour Chart for Btc/Usd: The Bears’ Determination to Drive Prices Lower Persists
A bearish channel can be seen on the 4-hour chart for BTC, and strong resistance can be found near $22,400The 100-period exponential moving average (EMA) has provided BTC with significant support.
Its price is now trading above this level. The price of Bitcoin has been stabilizing around the $21,600 level, and bulls are having difficulty pushing prices higher.
The Relative Strength Index (RSI) indicator for Bitcoin has shown the formation of a bearish divergence. This shows that the bears are still in charge of the market.
A negative trend for BTC is indicated by the MACD, which is moving lower in a bearish direction. The next significant levels of support can be found at $21,400 and $20,800.
Analysis of Bitcoin’s Price: A Summation
According to the Bitcoin price analysis conducted today, BTC is currently trading in a bearish flag formation. Bears are currently in control of the market.
The support levels of $22,000 and $23,000 are the ones to keep an eye on. While the levels of $20,800 and $19,800 are the most crucial ones to keep an eye on.
A pessimistic outlook for the Bitcoin price analysis is also highlighted by the fact that the technical indicators are negative.
