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24 March 2023
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Bitcoin [BTC] Price Analysis: Coin falls down the stairs as the bear attacks

The cryptocurrency market stagnated for the past few days, and this trend differs only for a few coins. Bitcoin [BTC], the largest cryptocurrency, registered a bearish trend in the market after touching the $4k mark.

At press time, BTC was valued at $3,863.85 with a market cap of $67.8 billion. The 24-hour trading volume of the coin was reported to be $7.7 billion, while BTC observed minimal growth of 0.14% over the past day. The coin plunged by 3.05% over the past week, but reported a meager rise of 0.07% over the past hour.


The one hour chart for BTC marked a downtrend from $4,084.05 to $3,834.35, followed by an uptrend from $3,724.77 to $3,803. The coin noted resistance at $3,841.63 and support at $3,724.77.

Bollinger Bands were converged, which indicated low volatility in the market. The moving average line was observed to be over the candlesticks, marking a bearish market.

Awesome Oscillator pointed towards a weakened bearish momentum.

Chaikin Money Flow marked a bullish market as the marker was just above the zero line.


Source: Trading ViewThe one-day chart for Bitcoin marked two downtrends. One of the downtrends was marked from $6,188 to $3,774.99, while another downtrend was observed from $6,259.35 to $4,110. BTC marked an uptrend from $3,184.28 to $3,734.23. Resistance for the token was noted at $4,110 and support at $3,183.

Parabolic SAR noted a bearish reign for the coin as the indicators aligned themselves above the candles.

MACD line was under the signal line, pointing towards a bearish market.

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

Source .ambcrypto


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