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Bitcoin [BTC] Price Analysis: Coin awaits fall as bulls leave market

Namrata Shukla

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Bitcoin [BTC] Price Analysis: Coin awaits a fall as the bulls withdraw from the market
Source: Pixabay

Bitcoin [BTC] was stagnating for the past few days, but avoided a major decline in its price. On 12 March, the coin managed to report minimal growth, after falling over the past day.

At press time, BTC was valued at $3,879.28 with a market cap of $68 billion. BTC registered a 24-hour trading volume of $9.77 billion, while noting a fall of 1.59% over the past day. The token recovered from the fall as it noted a rise of 0.14% over the past hour. In the past seven days, the token noted a rise in price by 2.94%.

1-hour

Source: Trading view

Source: TradingView

The one-hour chart for BTC noted an uptrend from $3,849.01 to $3,928.91, which was immediately followed by a downtrend from $3,928.92 to $3,854.10. The token noted resistance at $3,909.75, and support at $3,808.34.

Bollinger Bands marked a bearish market as the moving average line was over the candlesticks. The bands appeared diverged, suggesting increasing volatility in the market.

Awesome Oscillator indicated strong bullish momentum.

Chaikin Money Flow indicated a bearish market, as the marker was under the zero-line.

1-day

Source: Trading view

Source: TradingView

The one-day chart for the largest token traced a massive downtrend from $7,359.99 to $4110. However, a minimal uptrend was noted as well, with the coin’s price moving up from $3,184.28 to $3,692.36. The token noted resistance at $4,110, and support at $3,344.

Parabolic SAR marked a bearish reign for the coin as the markers were aligned above the candlesticks.

MACD line was under the signal line and pointed towards an imminent vermilion market.

Relative Strength Index indicated that the buying and selling pressures had evened each other out.

Conclusion

According to indicators on the one-day and one-hour charts, a bearish market was forecasted for the king coin.

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