Bitcoin Price Analysis: BTC price is trying to stay above $38,000 but is under selling pressure
The price analysis confirms that the bears have triggered slight selling pressure as the BTC price tries to stay above the $38,000 level. However, Bitcoin price remains bullish as it prepares for another surge.
BTC Price Analysis 1-Day Chart: Bitcoin Price Faces Decline in Buying Demand
Analyzing Bitcoin's daily price chart, BTC's selling demand is high, and its selling pressure has soared above $385,000. As the BTC price continues to fall, the bears are currently trying to push the BTC price below the fear zone of $37,000. However, as buyers show enough strength to hold the BTC price, the $38,000 level could soon fall. The 24-hour trading volume has dropped to $9.75 million, indicating a decline in interest in trading activity today. BTC price is currently trading at $37,830, down more than 0.98% in the last 24 hours.
The RSI-14 trend line has declined from previous levels and is now trading below the 61 level in the overbought zone, suggesting that buyers are losing momentum. The SMA-14 level indicates volatility in the coming hours.
BTC/USD 4-hour price chart: Bears target below EMA20
The 4-hour Bitcoin price chart shows that the dominance of bears around EMA20 is strengthening as BTC price faces high selling demand. At the moment, they are trying to fall immediately, however, the bulls remain confident in their purchases.
The BOP indicator is in negative territory at 0.55, indicating that short-term sellers are taking the opportunity to accelerate the downtrend. In addition, the MACD trend line formed a bearish candle below the signal line, and the indicator tried to show negative momentum, boosting the confidence of bearish holders.
The hourly price chart confirms that Bitcoin is trying to break below the immediate support line, however, bulls are expecting a further recovery rebound in the coming hours. If the price of BTC manages to maintain its momentum above $38,583, it will drive a bullish rally towards $40,082. If the bulls fail to launch a surge, the BTC price could fall below the immediate support line at $36,793, which could start a bearish trend towards $35,136.
(Source: Shayan Chowdhury)