Bitcoin was stable for the last 24hrs, while altcoins have dropped on their charts. In the last week, Bitcoin has seen lateral price moves on the charts. Since November 2021, the price of Bitcoin has been moving on the downward side.
Bitcoin continues to indicate signs of imminent bearishness over a longer period. The king-coin could be hinting towards a price decline in a shorter timeframe.
BTC did not make any gains over the last 24 hour. The coin had been consolidating and lost 2.2% over the week. Currently, BTC is sandwiched between $28,000 and $29,000 as those two levels have been acting as the coin’s crucial demand zone.
BTC could be pushing for $20,000 with the continued support of sellers. The buyers appear to have given up the lead in price action, and it appears that they are now looking to the $20,000 level.
A Day of Bitcoin Price Analysis
BTC’s price was $29,100 as of the writing. Since November 2021, the coin has been in a downward channel. This is a sign of enduring bearishness. In November 2018, the coin reached $69,000, which is the highest level for this coin.
BTC’s current price is between $29,000- $28,000. A decline below that level could cause BTC to drop as much as $19,000. The coin’s overhead resistance was $30,000, and in order for bearish thesis not to be validated BTC must trade at least $31,000.
BTC must have greater market power and more buyers in order for it to rise northwards on the chart.
Technical Analysis
Bitcoin’s short term time frame looked optimistic pointing towards a price reversal on the charts. On the chart, there was a yellow descending wedge formation.
An descending wedge pattern can indicate a trend reversal, and it is bullish for BTC. After a consolidation period, price action is often needed.
The Relative Strength Index rose to the 50-mark, which indicated that buyers were returning to the market. This indicated positive changes in the market.
BTC’s price was below the 20-SMA, which indicated that the sellers are still driving the price momentum. BTC may rise if buyers are more active.
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The technical outlook for the hourly chart points to a price reverse. Market price momentum is determined by the Awesome Oscillator. AO displayed green histograms, which are also linked with a buy signal that reaffirms readings of the RSI.
Bollinger Bands indicate market volatility. A period of high volatility may be possible if these bands become tighter and more constrained. If the market is larger and buyers are more supportive, this could indicate that BTC may attempt to move above its current resistance level in the next trading session.
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