Solana

Bitcoin

Dogecoin

Trillion

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Bitcoin price is showing a bearish market trend since last month.</a> </li> 
 <li> <span>2</span> <a>Due to this bearish trend, the RSI of Bitcoin reached its oversold zone.</a> </li> 
</ul> 
<p>Bitcoin (BTC) price is following a downward market trend that took its price to drop nearly 12% in one month. This recent month’s downward trend is similar to last week’s bearish trend which shows the increased bears’ activity. Notably, in the recent week, BTC price further dropped over 11%, which is quite similar to its monthly price drop.</p> 
<p>Due to the current bearish market trend, BTC’s price marked its 30-day low at $25,409.11 last week. However, its 30-day high was noted at $30,330.64, which is up over 14% from the current trading price of BTC. The market dominance of Bitcoin is currently 48.07%, with an almost null decrease over the day.</p> 
<h2 class="wp-block-heading" id="strong-bitcoin-price-analysis-in-a-month-strong"><strong>Bitcoin Price Analysis in A Month</strong></h2> 
<p>According to TradingView, a web-based social network for traders, Bitcoin’s price is trading at $26,020.45 with a 24-hour trading volume of $9.33 Billion. BTC is down nearly 0.64% in the last 24 hours while having a current market cap of almost $506.45 Billion. The monthly price analysis of BTC further shows a downward trend that clearly shows its selloff in the last week.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh4.googleusercontent.com/sJbdK_K0el3E3XVyx0NgQOyxtWfbRwI842eBcG2n6Nz4WRDq2xoDtsyPDHitWJJYKUZdm_CEFVSjOHehyaFMprn0h01BeS_TlyQ-hqP3lZ_4BMg-1zebJZbkto0D3SdMkuM_70tx3cr2cH7Qfk3I7Q" alt="Will Bitcoin Price Take Bounce-Back After Recent Bearish Trend?"> 
  <figcaption class="wp-element-caption"> <strong>Source: BTC/USD by </strong><a href="https://www.tradingview.com/x/eksbRGXx/" rel="noopener noreferrer nofollow"><strong>TradingView</strong></a> 
  </figcaption> 
 </figure> 
</div> 
<p>Since the beginning of last week, with the increased bears’ dominance, BTC price dropped nearly from its 20-day moving average. At press time, the bearish trend has taken control over the BTC price due to which the RSI has reached slightly down from its oversold zone.&nbsp;</p> 
<p>Notably, increased bears’ activity has also been observed that hampered the trading performance of Bitcoin.</p> 
<h3 class="wp-block-heading" id="strong-how-are-other-cryptocurrencies-performing-strong"><strong>How are Other Cryptocurrencies Performing?</strong></h3> 
<p>As Bitcoin is the most-traded cryptocurrency by market cap, the present bearish trend in its price has also affected the rest of the cryptocurrencies. Due to this, the fear and greed index is also indicating “fear” at 35 out of 100, as per the data sourced from CoinMarketCap, a cryptocurrency price tracking site.</p> 
<p>The global crypto market cap also shows a 0.25% decline as is at $1.05 Trillion over the last day. Moreover, the total crypto market volume over the last 24 hours is $23.02 Billion, which further records a 0.62% decrease.</p> 
<p>Furthermore, the other cryptocurrencies which also experienced almost similar price drops last week are XRP, DOGE, and SOL. The price of XRP fell over 16% in the last 7 days, while at press time, it is trading at $0.522 with a 1.08% decline in the last 24 hours.</p> 
<p>Dogecoin (DOGE) also showed over 15% price decline last week, while being down by 1.54% in the last 24 hours with a current trading price of $0.063183. Additionally, the price of Solana (SOL) also noted a more than 12% price decline in the last week. SOL also showed a downtrend with a 1.99% price decline in the last 24 hours, while it is trading at $21.34.</p> 
<p>As per the following price analysis, it can be said that it would be quite tough for the <a href="https://www.thecoinrepublic.com/2023/08/07/bitcoin-betting-battle-the-winner-will-get-1-million-sats/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price </a>to take a bounce-back. However, it would require massive support from active bulls which once again take the crypto market to trade in a bullish zone.</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.</p>

Will Bitcoin Price Take Bounce-Back After Recent Bearish Trend?

Table of Contents

Thecoinrepublic.com

Other articles published on Aug 21, 2023

Dogecoin to 75 Cents? Finder's Panel Predicts DOGE Might Hit $0.75

Ordinals still make up majority of Bitcoin txs despite price collapse

US SIM-swapper who stole $20m in crypto jailed

Bitcoin Price Analysis: Caught Between Levels - 15 August 2023

Avalanche price prediction for August 26 ahead of massive token unlock

THORChain Streaming Swaps and Lending Driving RUNE to Defy Battered Crypto Market

Join our free newsletter for daily crypto updates!