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Bitcoin [BTC] Price Analysis: Coin falls as bulls withdraw from coin market

Namrata Shukla

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Bitcoin [BTC] Price Analysis: Coin falls as the bull recedes
Source: Pixabay


The largest cryptocurrency in the market, Bitcoin [BTC], saw the bull make an entry and lift the coin’s prices.

However, this was a short-lived trend as the coin fell in the past hour, at the time of writing. The token was valued at $4,017.70, with a market cap of $70.69 billion. The token noted a 24-hour trading volume of $8.5 billion, while it was falling by 0.72% within the past hour. BTC noted a meager growth 0.06% over the past day and by 1.93% over the past week. However, the coin did manage to maintain its price above 4k.

1-hour

Source: Trading view

Source: Trading view

The one-hour chart for BTC indicated an uptrend from $3,850 to $4,013.02, after which the price of the coin started to decline. The downtrend extended from $4,013.01 to $3,977.77. The largest token drew resistance at $4,013.02. However, due to the falling price, the token failed to mark definitive support.

Bollinger Bands pointed towards a bearish market as the moving average line was above the candlesticks. The bands appeared to have diverged, suggesting increased volatility in the market.

Awesome Oscillator marked a weakened bearish trend.

Chaikin Money Flow indicated a bearish market for the coin as the marker was under the zero mark.

1-day

According to the token’s one-day chart, a massive downtrend was observed from $7,359.99 to $3,990, followed by an uptrend from $3,184.28 to $3,846.79. The token traced resistance at $4,110 and support at $3,344.

Parabolic SAR pointed towards a bearish market as the markers were above the candlesticks.

MACD line was above the signal line after a crossover. However, the lines appeared close to each other, indicating another crossover soon.

Relative Strength Index indicated that the buying and the selling pressures had evened each other out. However, the indicator was closer to the overbought zone.

Conclusion 

According to a majority of the indicators like Bollinger Bands, Awesome Oscillator, Chaikin Money Flow, and Parabolic SAR, a bearish trend was forecast for the coin.





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