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It was March the trigger for a bullish wave great for Bitcoin. Its peak comes in April, with the BTC token price rising above $30,000 for the first time in months. A position that the first cryptocurrency in the world kept for several days before falling again.
The latest Bitcoin price analysis reveals the downward presence on the market in the last 24 hours. The price of the BTC/USD pair fell before bouncing off the $28,741 level.
However, it is clear that the bulls failed to gain ground as selling pressure continues to build, putting pressure back on any attempt at an uptrend.
For analysts, the bearish pressure is likely to continue in the short term, as the price of the BTC/USD pair remains still under $29,000.
Bears a huge impact on the BTC market
Studying the Bitcoin price chart over the past few days shows that it was significant increase in bearish pressure. It has gained momentum especially in the last two days, after a long upgrade period.
Last week the market was in a bullish pressure trend which gave bull traders an opportunity to push the price signal above from the $31,000 level before coming down.
This week is a perfect contrast to how BTC is now under $30,000 and a loss of 2.44% was seen in the last 24 hours and a decrease of 7.5% during the week.
Since the token was unable to hold above the key $30,000 level, analysts fear further short-term losses. Also, established support zone for BTC in the area of $28,479 and will result in another break.
Analysis of the price chart shows that the moving average (MA) of the market is higher than the price value. She is at the momentt set at $29,965, which means that there is still a bearish view on the market.
As for the RSI, it is at 50.73 and shows a neutral attitude to the sign. The MACD also made a bearish crossover, indicating that the current downtrend may continue for some time.
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The Bears in the phase of driving down the price
A deeper analysis of the price of Bitcoin over a period of 4 hours shows that the evolution curve of the signal price still continuing the decline. The price continues to break down as price levels fall after a downward trend over the past 24 hours.
Currently, the price of the token is fixed at $28,046 and it is expected to continue to fall from here as no bullish activity was seen during the day yesterday.
The moving average is still at relatively low level of $29,191, due to fixed price devaluation. The 50-day moving average and the 200-day moving average are above the price level. This is a sign that the downturn may continue.
Over the 4 hour period, we see that the value of the RSI valued at 32.92%. A situation that indicates that oversold is present and may imply downward pressure.
Finally, we can say that the current Bitcoin market in the hands of the bears. The latter have now won the game, as the economic recession has not changed for the past few hours.
Analysts believe that this trend will continue in the future as the price of BTC broke through the Support zone based on $28,378. So this could be a great opportunity to buy Bitcoin before its price rises again.
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