Bitcoin price analysis shows that the bears sit tight in the driver seat as most investors watch from the sidelines as uncertainty continues in global markets.
Bitcoin Price Medium-term Trend
During the weekend, the price of Bitcoin (BTC) was trading under strong bearish pressure. After falling as low as $5,000, Bitcoin price rose from $5,150 to $5,950 in an hour’s time. Unfortunately, BTC bulls were unable to continue the uptrend, seeing a strong rejection at $6,000 to fall to $5,400.
At the time of writing this Bitcoin price analysis, the bears are in full control of the market as BTC trading at $4,550 level.
On the downside, if the support at $4,500 gives in, it would encourage more selling, forcing BTCUSD down a painful path with a bearish target on $4,000 and $3,000. On the upside, if more buyers emerge, the crypto’s price will rise towards the $5,000 resistance level. A break above the $5,000 level could see the price surge towards $5,500 and $6,000.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
BTCUSD Price Short-term Trend
On the 1-hour chart, BTCUSD price is bearish. The chart clearly indicates that the bears are in the driver’s seat and not ready to give up control any time soon.
It is important that the $4,500 support holds to ensure that Bitcoin averts the potential drop under $4,200. If there is an upside break, the next resistance is near the $4,800 and $5,100 resistance level. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels: $5,000, $5,500, $6,000
- Support levels: $4,500, $4,000, $3,000
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.