- BTC is trading at $27800 with a 0.59% decline in the last 24 hours.
- It is currently getting a rejection from the resistance level of $27900-$28200 level.
- The token is down by 59.51% from the all-time high.
Bitcoin got bearish after making its yearly high of $31800 in July. Since then, the price dropped by almost 26%. After getting bearish, the price got to the level of $25100. From there, the price took support. BTC is currently trying to break the resistance level of $27900 to $28200 but is still facing rejection.
The volume of BTC dropped by 45% in the last 24 hours. The volume indicates that the bears are in action and maintaining their dominance on the resistance levels.
The fear and greed index is behaving neutral at the moment which shows the consolidation phase. The total global crypto market decreased by 0.86% in the last 24 hours.
BTC’s dominance over the market cap is presently at 50.98%. BTC’s dominance chart shows that it has entered the overbought region and the price can be bearish from here.
It has a circulating supply of 19.50 Million BTC which is 92.89% of its total supply. The market capitalization is currently at $543 Billion. The 24-hour trading volume is $6.94 Billion.
Sentiment Analysis of BTC
The total market volume declined by 40% and the total social engagements have decreased by 20.7% since the last day. The total bullish sentiments have shown a rise of 2.5%.
The overall sentiments suggest that the price can fall from the present zone. The volume is not satisfying for a bullish move and the engagement of the social community is decreasing.
Technical Analysis of BTC in Daily 1D Timeframe
The price needs to break the key resistance zones of $27900 to $28200 and $28750 to $29450. The bearish investors are being dominant at these resistance levels and the price is getting rejected from these levels.
Once the price crosses the $29400 resistance zone with a sizable volume, then it can reach the levels of $30200 to $31600. The bulls have to play a major role in this upward movement.
If Bitcoin price gets successfully rejected from the resistance zone of $27900 to $28,200, then the price can reach downward levels of $25700 to $26000 if the price goes down below $27000.
What Indicators Say About the Price of BTC?
Relative Strength Index (RSI)
The RSI line is presently moving at 59.68 points and the SMA 14 is moving at 56.75 points. It is above the neutral level of 50. The RSI started coming down from 67 points before entering the overbought region.
Moving Average Convergence/Divergence (MACD)
The fast blue line moving average is above the red slow line moving average. The histogram is showing significant steady volumes which is the reason why the price is not giving any major moves.
Conclusion
The overall analysis shows a bearish movement in BTC price and it can reach $25700 to $26000 if it fails to maintain above $27000. If the price breaks the resistance of $27900 to $28200 and $28750 to $29450, then the price can reach the levels between $30200 to $31600.
Technical Levels
Support Level: S1 – $25700 to $26000, S2 – $25100, S3 – $24200
Resistance Level: R1 – $27900 to 28200, R2 – $28750 to $29450, R3 – $30200
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.