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- 1 Bitcoin price is testing the 200-EMA level in the four-hour timeframe.
- 2 BTC price is down by almost 5.22% this week showing weakness in the price.
Bitcoin (BTC) price is facing weakness in the recent trading sessions down by almost 5% this week showing the profit booking in the king crypto. However, in the shorter time frame, it is taking support on the key EMA level.
Bitcoin Price vs Volume Analysis
As per the santiment graph of price and volume, the trading volume has dropped from $102.19 Billion to $30.91 Billion since the start of March, and the price has also dropped with trading volume. The trading volume has dropped more than 50% in a week and the price has also declined. If the trading volume keeps falling then it may leave a negative impact on the price.
Bitcoin Social Dominance vs Social Volume Analysis
The social dominance and social volume santiment charts have declined for the last few months which means the awareness and information on social media like X, Instagram, and Telegram have decreased. Suppose the social dominance and social volume graphs increase then it may affect the Bitcoin price positively.
Technical Analysis of Bitcoin on Daily Chart
Bitcoin crypto price is facing strong bearish pressure on the daily technical charts. The crypto is down by 4.03% in a week and 2.56% in a month suggesting weakness in the bullish momentum.
Bitcoin price prediction suggests that the crypto is in the firm grip of the bears and needs to show some signs of reversal.
The technical indicators favor the bears projecting a pessimistic perspective for the buyers. RSI and stochastic RSI oscillators are moving near the neutral zone whereas the major EMA lines act as support points for BTC price.
Summary
Bitcoin’s pricing trend is exhibiting a pattern of ascending lower limits, whereas the Relative Strength Index (RSI) is charting descending lower limits. The RSI’s hovering around the midpoint indicates a balanced market stance. Should the downward trajectory of Bitcoin’s value persist, a clear drop beneath the 200-day Exponential Moving Average (EMA), coupled with the Bitcoin value falling under the upper boundary line, might trigger an increase in selling activity.
Technical Levels
Support Levels: The Bitcoin crypto price may find support at $65000 and $63000, where it could bounce back or stabilize.
Resistance levels: The BTC crypto price may face resistance at $70000 and $73000, where it could reverse or consolidate.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
