Current Price | $15,812.12 |
Market Cap | $303.81 billion |
Circulating Supply | 19.21 million |
Max Supply | 21 million |
Vol (24H) | $33.56 billion |
Change (7D) | -5.73% |
The Bitcoin price was trading within a bearish trend from the past couple of months, but the recent FTX collapse has fueled the rally towards the south. The extensive sell-offs have compelled the price to trade around $16,000 for quite a long time before it broke down the levels to mark new lows below $15,500. However, the bulls appear to be weak at the moment and hence the possibility of recovery is pretty fewer.
The BTC price is now trading within a bearish flag pattern but is likely to undergo a short-term bounce above $16,000. This may be considered the final jump within the current capitulation phase which may be followed by a massive drop towards the bottom close to $12,000. Meanwhile, the levels around $14,000 may hold the price for a while, but the bulls may eventually fail to ignite a rebound.
Read: FTX Collapse Explained
Bitcoin price was largely trading within a stagnant until the FTX collapse shook the entire crypto space. The collapse has led to a ripple of fallouts that has negatively impacted the BTC price and the other altcoins as well. The traders have fallen into FUD while the long-term holders and the whales are facing acute losses. Hence all the pointers, indicate a massive fall incoming for the token before the end of 2022.
Short-Term (4hrs) | The BTC price has reached the lower support around $15,700 and may undergo a short-term bounce beyond $16,000 but may face rejection at these levels |
Mid-Term(1D) | The selling pressure appears to have ceased a bit and the BTC price could be due for a minor bounce |
Long-Term(1W) | The long-term forecast is pretty bearish as the price appears to be poised to mark new lows around $12,000 at the earliest |
Indicator | Value (Short Term(5 Hours)/Long Term (Weekly)) | Action (Short Term(5 Hours)/Long Term (Weekly)) |
Relative Strength Index(RSI) | 31.12 / 31.80 | Sell / Sell |
MACD | -229.00 / -3809.7 | Sell / Sell |
Average Directional Index(ADX) | 45.29 / 20.35 | Sell / Sell |
Ultimate Oscillator | 37.50 / 44.81 | Sell / Sell |
Bull-Bear Power | -624.54 / -5714.60 | Sell / Sell |
Moving Average | Short Term(5 Hours) | Long Term (Weekly) |
MA 5 | $15,878 | $18,270.9 |
MA 10 | $16,145.8 | $18,727.9 |
MA 20 | $16,413.1 | $20,236.2 |
MA 50 | $16,588.5 | $30,092.3 |
MA 100 | $18,212 | $38,685.0 |
MA 200 | $18,925.9 | $24,055.9 |
The Bitcoin (BTC) price is stuck up within a deep bearish trap with fewer possiilties of a rebound. Most of the technical indicators are extremely bearish in the short term as well as in the long term. Hence the token is speculated to mark new lows before the end of the monthly trade.
RSI in both the time frame is plunging, while MACD is extremely bearish. The ADX displays a weakened rally and the bull-bear power emphasises the dominance of the bears for an extended timeframe. Therefore, bearish clouds may prevail for an extended period ahead.
Read more: BTC Price Prediction
Source: Glassnode
Source: Messari.io
Source: Santiment
Source: Messari.io
Source: Tradingview
Source: Tradingview
Read more: Ethereum Price Prediction
Buying or selling Bitcoin is pretty easy & safe on CoinDCX. Just follow the below-mentioned steps,
Bitcoin price in the short-term is largely bearish. Meanwhile, the long-term trend remains positive.
The RSI for the short-term is 31.12 while in the long term it is 31.8
The bears have largely dominated the Bitcoin price rally at the moment. Therefore, with a better understanding and extensive research, one can purchase Bitcoin at the right time.