Bitcoin

TL;DR Breakdown<ul><li>Bitcoin price analysis for today shows a negative market sentiment of $24,626 after a two-day bullish rally.</li><li>The BTC/USD pair is trading below the $25,000 level and has dropped by more than 5% since yesterday.</li><li>This bearish correction follows a steep bullish rally that had seen Bitcoin price surge above the $26,000 level.</li></ul>The latest <a href="https://www.cryptopolitan.com/news/bitcoin-btc/?swcfpc&#61;1" rel="noopener noreferrer nofollow">Bitcoin price</a> analysis shows a bearish correction as the bulls have failed to push prices further. The market sentiment has turned bearish after selling pressure increased, and the BTC/USD pair has dropped back below the $25,000 level.The recent bearish correction is largely due to profit taking from investors who had bought Bitcoin during its bullish rally.  There is still a lot of selling pressure on the market, and the current bearish momentum could continue in the short term.The BTC/USD is currently standing at $24,626, and the bears are trying to push prices further down. The 4.98 percent correction that has occurred in the last 24 hours could be a sign of a further sell-off, and investors should watch out for any further losses.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/b1e19654013a4034b89fdd129c32ec69.png" />Cryptocurrencies price heat map, Source: <a href="https://coin360.com/" rel="noopener noreferrer nofollow">Coin 360</a>All eyes are on Bitcoin price as a break below $24,000 could trigger more bearish pressure on the market. This would be bad news for long-term Bitcoin holders who had bought during the bullish rally. If the bears fail to push prices further down, then we could see a rebound in Bitcoin price as investors start buying again. The bulls need to gain strength and initiate a new bullish trend if they are to sustain a positive market sentiment.<h2 id="header-0">Bitcoin price movement in the last 24 hours:  BTC/USD value faces strong rejection at $26,514</h2>Bitcoin price analysis on a daily chart shows that the bulls are losing steam after the bearish rally that occurred a few hours ago. The bulls had earlier pushed the price above $26,500 for the first time since yesterday, but then the market sentiment suddenly turned bearish with a strong rejection at $26,514.The 24-hour trading volume has dropped significantly, and the BTC/USD pair is currently at $47 billion.  The market capitalization of Bitcoin is currently at $475 billion, with a decrease of 5.05% in the last 24 hours. The circulating supply of 19,318,268 BTC with a market dominance of 43.25%.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/e3acbb2bbb0748e8aeaebde3578d4e58.png" />BTC/USD 24-hour chart, source: <a href="https://www.tradingview.com/chart/YgGk5lSa/?symbol&#61;COINBASE%3ABTCUSD" rel="noopener noreferrer nofollow">TradingView</a>The technical indicators are still bearish, with the RSI currently trading at the 63.32 level, which shows that there is still some room for prices to fall further before reaching oversold territory. The MACD, on the other hand, is giving a bearish signal as the histogram is falling and is about to cross below the zero line. The MACD line is clearly below the red signal line and seems to be gaining strength. The 200 SMA line is well placed below the current market price, which is a sign that the path of least resistance is still to the downside.<h2 id="header-1">Bitcoin price analysis: Recent developments and further technical indications</h2>The 4-hour Bitcoin price analysis shows that the bulls have been at the lead for most of the day this week, but a four-hour bearish activity has changed the trend in the bearish direction. A considerable decline in BTC/USD price has been observed during this time. The price has gone down to $24,626 as a result of the bearish strike. At the same time, the bullish price movement is also being observed in some other major cryptocurrencies.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/13f32513ac494e23ab1040912fbbff72.png" />BTC/USD 4-hour chart, source: <a href="https://www.tradingview.com/chart/YgGk5lSa/?symbol&#61;COINBASE%3ABTCUSD" rel="noopener noreferrer nofollow">TradingView</a>The market decline shifted to the bearish sentiment as indicated by the RSI line, which is headed below the 70.00 level. The RSI indicator is currently trading at 64.55 and heading toward the oversold territory, which is another sign that prices are likely to fall further in the short term. The 50-day simple moving average has dropped below the 200-day SMA, which is a sign of bearish momentum. The MACD indicator is also in the bearish zone as it is below the zero line. The MACD histogram is continuous, with the MACD line below the red signal line.<h2 id="header-2">Bitcoin price analysis conclusion</h2>The Bitcoin price has been downward for the past few hours, and the bearish momentum could continue in the short term. The BTC/USD is currently standing at $24,626, and the bears are trying to push prices further down. The selling pressure is likely to dominate the market until a proper bullish trend emerges. The technical indicators are still bearish, and traders should be cautious as the market could experience further losses.Disclaimer. The information provided is not trading advice. <a href="https://cryptopolitan.com/" rel="noopener noreferrer nofollow">Cryptopolitan.com</a> holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Bitcoin price analysis: BTC bounces back below $25,000 level after a bearish correction

Tabla de contenidos

Cryptopolitan_News

Otros artículos publicados el 17 mar 2023

New York Court Denies Request to Halt Binance’s Voyager Deal

Dexo Exchange's Token- Use Cases & Utility’s Explained

Differences Between Cryptocurrency And Central Bank Digital Currency (CBDC)

Crypto Twitter Thinks the Fed's $297B Balance Sheet Expansion Is 'QE', But It's Not

The Impact of Web3 on Social Media and Online Communities

Kaspa Listed on DigiFinex

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!