- Bitcoin price analysis shows big risk as bears take the price under $45,000.
- The 200-day moving average holds the key to the next price action.
- The BTC/USD pair is moving within a tight range of 1,200 dollars on an hourly basis.
The price of Bitcoin is showing signs of weakness as the pair is moving within a tight range but shifted its focus downwards. After reaching out towards the lower support at $44,000, the pair started moving up towards the $46,300 level after being rejected from there later in the afternoon. Profit-taking is the reason why bulls are unable to penetrate beyond $48,000 in a decisive move with massive volumes.
Bitcoin price analysis suggests that short-term fatigue can set where the price of BTC can move below $44,000. The daily chart shows a high of $47,500, and the bulls have fallen drastically near this level. The 200-day moving average is beckoning the price to cross $45,000, but the 21-week moving average is putting pressure from above. The potential bullish signs are evident in the rise from $44,000 to the current $44,900 as per Bitcoin price analysis.
Bitcoin price movement in the last 24 hours: Bulls unable to drive the price above $45,000
The hourly charts paint a dilemma where the bulls are unable to break out from the bearish divergence. The bearish triangle pattern formed a week earlier signals near-term caution on the hourly charts. However, the large candlestick printed on Wednesday shows a rising chart that shows potential upside near $45,300, where a top can be seen emerging according to Bitcoin price analysis.
The risk-off market results from the recent rise in traditional markets across the globe, especially the US stock markets. The price of BTC has reacted accordingly where the bullish sentiment is somewhat undermined now, and the price is pushing close to the 200-day moving average as per Bitcoin price analysis. The cool-off momentum shows that the current phase can be a consolidation stage where the bulls signal caution but not exhaustion of the momentum.
BTC/USD 4-hour chart: Bulls await clear buy signs before jumping in
The past week saw the BTC paint consequent up and down candles. The confusing signals show a lack of clarity for the bulls awaiting clear signals to start a massive buying rally. The 50-day moving average near $44,000 is pushing downward pressure on the pair. The bullish change in moving average convergence is another sign that bullish momentum is underway. Bitcoin price analysis suggests that the traders can view this as a sign of pattern reversal, prompting them to jump in on the trading opportunity.
The on-chain data does not show any significant change. The minor selling supply is coming from illiquid holders and long-term holders. Large inflows have not been evident yet since the past supply seems to suggest substantial accumulation. The RSI at the 50 mark does not inspire confidence in the bulls.
The long-term holders are holding to their portfolio, and there’s strength in the fundamentals. The pullback rally will likely fizzle out during the next one or two days since the bulls are entirely in charge of the $43,000 support level. Bulls will likely move closer to the $47,000 resistance zone as the weekend approaches.
Bitcoin price analysis conclusion: Mid-week volatility can print confusing price action
The institutional buyer is missing from the market as the retail trader is steering the market for the past few days. The price trend signals search for small yields as the pair struggles to handle volatility with quick up and down momentum.
The hourly timeframe may face further selling, which can see the price dwindles towards $43,000 as more selling lurks around the corner. But the more significant momentum is still bullish as the market holds firm above the $42,560 support zone.