Bearish Pressure Persist in Bitcoin (BTC) Market

1. Bitcoin (BTC) price falls to low of $17,700.
2. BTC price has dropped by 3.24% in the last 24-hours.
3. Bearish sentiment is experenced in BTC market in the last 24-hours.

The price of  Bitcoin (BTC) reached a high of approximately $18,400 on Wednesday, just before the FOMC meeting, but it has since fallen to a low of approximately $17,700. Bitcoin (BTC), on the other hand, was unable to maintain its hold on that level yesterday afternoon and consequently fell to $17,400.

Just yesterday at night, BTC price fell to $17,300 for a short period of time before quickly recovering to $17,400. This morning, bitcoin started to gradually increase in price, eventually reaching $17,450; however, it has since dropped to $17,430.

Furthermore, Bitcoin miners continue to be a major source of concern. Abram, a cryptoquant analyst, estimates that the current price of bitcoin is around $17,500, while the cost of mining a single bitcoin is around $19,500.

In addition to this, there are still significant concerns regarding the Bitcoin miners. According to the findings of cryptoquant analyst Abram, the cost of mining a single bitcoin is currently around $19,500, while the price is maintaining a stable position around $17,500. This discrepancy is due to the fact that the price has been fluctuating between these two numbers.

BTC Technical Analysis

Technical indicators on the 24-hour price chart suggest that a bearish sentiment in the BTC market; this is evidenced by the Parabolic SAR indicator forming a series of dots below the candlesticks, suggesting that this bearish run may be experienced in the coming hours.

The Chaikin Money Flow (CMF) indicator issues a warning to traders that there will be more selling pressure. A bullish trend is indicated by a positive reading on the CMF; however, the current bearish dominance is expected to continue due to the fact that the CMF on the BTC price chart is reading -0.01.

Although the Bull Bear Power (BBP) indicator is in the positive region and gives investors a positive outlook on the market, its reading of 42.12 and downward direction indicate that bears are driving the market at the moment, suggesting that a bearish sentiment may continue to be felt in the BTC market in the coming hours.

This bearish sentiment is reinforced by the Keltner Channels indicator on the 4-hour price chart. The Keltner Channels are currently narrowing while pointing downward, which indicates that this bearish sentiment may continue into the foreseeable future.

A reading of 33.97 on the Relative Strength Index line below the signal line indicates that bear pressure in BTC market is likely to persist for the foreseeable future. The bears have control of the market, as evidenced by the RSI line falling toward oversold territory.

The Elder Force Index (EFI) currently stands at -4.88, giving bulls hope that the market will soon see a price reversal as it moves towards the “0” region, which is neutral; thus, a bullish sentiment may be experienced in the BTC market in the coming hours.

It is anticipated that the bearish trend that has been observable on the BTC market will continue, with technical indicators forecasting a continuation of the trend that is currently in place.

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