BTC Price Quickly Drops Below $22,891 as Bears Take Over – Cryptopolitan

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Bitcoin price analysis takes a loss as the price suffered a decline to $22,891 today. The downtrend has been pretty consistent over the past couple of days, and even today the price has been on a downward move. The trend reversal had been quite unexpected as the bulls were leading before. Nevertheless, the bears regained the upper hand and the price was devalued. The cryptocurrency is down 1.47%, with a trading volume of $24 billion and a market capitalization of $441 billion.

Cryptocurrency price heatmap, source: Coin360

The next resistance for Bitcoin is present at the $23,282 level. However, if the price of BTC fails to break through this resistance, it could drop further towards the $21,816 point. On the other hand, support for BTC/USD is present at $22,696. If the bulls manage to push back and the price breaks above $22,891, we can expect the price to rise. The buying pressure for the BTC/USD pair is still rising and has supported the price action.

Bitcoin Price Analysis 1-Day Price Chart: Bearish Swing Deflates Price Levels at $22,891

The 1-day Bitcoin price analysis shows that the bearish momentum has intensified over the past few hours. The day before, the price of BTC had reached higher highs. However, today’s bearish swing has deflated price levels at $22,891. Currently, the bulls are trying to regain control, but the resistance at $23,282 is proving too strong.

BTC/USD 1-day chart, source: TradingView

The Relative Strength Index (RSI) is currently at 80.84 and trending sideways. This indicates that the market is currently in a consolidation phase and any breakout can cause a sharp move in either direction. The Moving Average Convergence Divergence (MACD) has been trending down as the MACD line is below the signal line. The MACD histogram highlights that the bears have taken control of the BTC price trend. The moving average indicator points to bearish pressure in the market at $21,582.

Bitcoin price analysis on a 4-hour price chart: Bearish depression drives price lower below $22,891

The 4-hour Bitcoin price analysis is showing signs of bearish momentum, as the price has declined quite significantly. The price has consistently been falling as the cryptocurrency is showing a downward trend. A price reduction has been registered in the past four hours and price levels have declined to $22,891. Moving on, the moving average indicator shows its value at $22,898 at the time of writing.

BTC/USD 4-hour chart, source: TradingView

The 4 hour moving average convergence/divergence also indicates a downtrend. The MACD indicator is currently at 525.08, which is below the signal line. This clearly indicates a downtrend, and the bears are still controlling the market at $22,891. Apart from this, the RSI indicator has seen a bearish decline with its value currently standing at 72.49.

Conclusion of Bitcoin Price Analysis

To conclude, Bitcoin price analysis shows that a downward trend has been continuing since earlier today. The bears are leading the game at the moment and the price levels have been reduced to $22,891 as a result. We can expect a further fall, as the bears have also been dominating for the past few hours. The price has continued to decline, which means that the chances of improvement for the bulls are still limited.

While we wait for Bitcoin to go further, check out our price predictions on XDC, Cardano and Curve

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