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Bitcoin [BTC] Price Analysis: Coin gasps as bear tightens hold

Namrata Shukla

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Bitcoin [BTC] Price Analysis: Coin gasps as bear tightens hold
Source: Pixabay

The cryptocurrency market has been overwhelmed by the bear’s presence, resulting in a poor performance by most major coins. Bitcoin [BTC] has been seeing the longest bear market ever seen and a change in trend is nowhere in site.

At the time of press, the BTC was valued at $3,402.07, with a market cap of $59.6 billion. The coin recorded a 24-hour trading volume of $5 billion, while noting a fall of 0.43% over the past day. The coin has been falling as it registered a fall over seven days of 1.44% and continued its downward spiral by a dip of 0.21% over the past hour.

1-hour

Source: Trading view

Source: Trading view

The one hour chart of BTC marked an uptrend from $3,468.43 to $3,449.14. The coin noted a downtrend from $3,468.43 to $3,367.49. The coin drew resistance at $3,379.33 and support at $3,354.99.

Awesome Oscillator indicates a weakened bearish run.

Bollinger Bands appear to be converging, reducing market volatility. The moving average line is over the candlesticks, marking a bearish trend.

Chaikin Money Flow indicates a bullish trend for the coin, as the marker is above zero.

1-day

Source: Trading view

Source: Trading view

The coin marked a massive downtrend in the one-day chart, ranging from $7,384 to $6,511.88. Another downtrend was observed from $6,327.87 to $3,441. The falling coin drew resistance at three points. Immediate resistance was noticed at $3,531.02, followed by another resistance at $3,683.50 and concluded by another resistance at $4,004.13. The coin, however, marked one strong support at $3,184.28.

Parabolic SAR points towards a bearish market as the markers have aligned above the candlesticks.

MACD line is under the signal line marking a bear market.

Relative Strength Index indicates that the buying and the selling pressures are evening each other out.

Conclusion 

As per the majority of indicators in the one-hour chart and the one-day chart of BTC, a bearish hold is seen strong, whereas the possibility of a trend reversal seems to be slim.

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