Convergence

Bitcoin

Divergence

<p>Bitcoin price analysis shows Bitcoin has been consolidating above $27,000 during today’s trading session. Bitcoin has been trading sideways in the past 24 hours, with the price trading in a narrow range near $27,000.However, the price has slid lower and broken below $27,000. BTC is currently trading at a low of $26,493 as the selling pressure intensifies.</p>



<p>Bitcoin is trading at $26,552.46, near the lower end of the range. The price has bounced off the support near $26,500 but is still below a major resistance level of $27,000.</p>



<p>Technical analysis shows Bitcoin is trading in a declining channel and may see further losses in the coming days. If BTC breaks below $26,430, it could test the next support level</p>



<p>at $26,000. On the other hand, if Bitcoin manages to break above the resistance level of $27,000, then a further rise to the $28,000 mark is possible.</p>



<h2 class="wp-block-heading" id="btc-usd-price-analysis-on-a-daily-chart-bears-optimistic-of-a-further-downward-move">BTC/USD price analysis on a daily chart: Bears optimistic of a further downward move</h2>



<p>The Relative Strength Index (RSI) is below the 50-mark, indicating bearishness in the market. The Moving Average Convergence Divergence (MACD) shows that the negative trend will likely continue. Bitcoin failed to break above the $28,000 mark and tested the support of $27,000. The price is currently trading downward and may test the support near $26,430.</p>



<p>The current market sentiment shows the bears extended their grip after breaking the Fibonacci retracement levels. If BTC falls below $26,430, it could test the next support level of $26,000. On the upside, a break above $27,000 will be needed for a further move toward $28,000.</p>



<figure class="wp-block-image size-full"><img decoding="async" width="1141" height="667" src="https://www.cryptopolitan.com/wp-content/uploads/2023/05/image-686.png" alt="image 686" class="wp-image-306052" srcset="https://www.cryptopolitan.com/wp-content/uploads/2023/05/image-686.png 1141w, https://www.cryptopolitan.com/wp-content/uploads/2023/05/image-686-300x175.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2023/05/image-686-768x449.png 768w" sizes="(max-width: 1141px) 100vw, 1141px" /><figcaption class="wp-element-caption">BTC/USD daily chart: <a href="https://www.tradingview.com/chart/YgGk5lSa/?symbol=BINANCE%3AETHUSD" target="_blank" rel="noopener">TradingView</a></figcaption></figure>



<p>The technical analysis shows BTC is trading below the 200-day moving average and will likely test the support near $26,430. A break below this level could see further losses in the coming days. The bears are optimistic about a further downward move, but the bulls still need to break above $27,000 for upside momentum.</p>



<h2 class="wp-block-heading" id="strong-b-strong-tc-usd-technical-analysis-on-a-4-hour-chart-btc-nosedives-below-27-000"><strong>B</strong>TC/USD technical analysis on a 4-hour chart: BTC nosedives below $27,000</h2>



<p>The 4-hour chart shows Bitcoin has fallen below the 200-day moving average. The RSI is in the bearish zone, indicating that further losses are likely. On the upside, if BTC manages to break above $27,000, a further rise to the $28,000 mark is possible. The MACD shows that the current trend is bearish, and further losses are likely.</p>



<p>Bitcoin&#8217;s immediate support is $26,000; an extended decline could take the price to $25,000. On the upside, BTC must break above $27,000 for any meaningful upside move. The current market sentiment suggests that further losses are likely soon.</p>



<figure class="wp-block-image size-full"><img decoding="async" width="1144" height="670" src="https://www.cryptopolitan.com/wp-content/uploads/2023/05/image-687.png" alt="image 687" class="wp-image-306053" srcset="https://www.cryptopolitan.com/wp-content/uploads/2023/05/image-687.png 1144w, https://www.cryptopolitan.com/wp-content/uploads/2023/05/image-687-300x176.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2023/05/image-687-768x450.png 768w" sizes="(max-width: 1144px) 100vw, 1144px" /><figcaption class="wp-element-caption">BTC/USD 4-hour chart: <a href="https://www.tradingview.com/chart/YgGk5lSa/?symbol=BINANCE%3AETHUSD" target="_blank" rel="noopener">TradingView</a></figcaption></figure>



<p>Bitcoin price analysis on the 4-hour chart affirms that BTC has gradually fallen from an intra-day high of $27,012 to a low of $26,493. The price is currently trading in a declining channel and could see further losses if it breaks below the support of $26,430. On the upside, BTC needs to break above $27,000 for any meaningful upside momentum.</p>



<h2 class="wp-block-heading" id="bitcoin-price-analysis-conclusion">Bitcoin price analysis conclusion</h2>



<p><a href="https://www.cryptopolitan.com/news/bitcoin-btc/?swcfpc=1">Bitcoin price</a> analysis for today shows the bears have extended their grip on BTC as the price change in the last 4 hours is a downtrend of 2% at the time of writing. The technical indicators are bearish and suggest further losses if BTC fails to break above $27,000 in the coming days. The next support levels are near $26,430 and $26,000; a break below these could see Bitcoin fall back to the all-time low of around $25,000.</p>

Bitcoin price analysis: BTC dips to lows of $26,612.11 as selling pressure intensifies

Table of Contents

Cryptopolitan_News

Other articles published on May 18, 2023

XRP Consolidates at $0.41: Calm Before the Storm? (Ripple Price Analysis)

MagicCraft Scores BIG with $46 Million Valuation Amidst Web3 Gaming Buzz!

Bumper DAO Launched: Power to the People

Burned for Value: MVK’s Deflationary Tokenomics at Work!

Claiming Tax Losses on Worthless Crypto

Ripple Launched A Platform To Create CBDCs

Join our free newsletter for daily crypto updates!