Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?

BTC price edges lower bucking the previous week’s late recovery. The price opened the trading session on a higher note but soon the upside fizzled out. BTC breaks below the $30,000 mark telling that the sellers are still looking for further liquidation.

• BTC price trades lower amid existing selling pressure as the fresh trading session begins.
• The price produces mixed signals on smaller time frames.
• However, the downside risk remains intact below $2,600 for the pioneer cryptocurrency.

BTC price traded with a negative bias

On the daily chart, the price remains pressured near $31,000 as the buyers failed to extend the gains beyond this level for the past two sessions. However, the intraday trading volume suggests investors are still not convinced of the downside momentum. According to Coinmarketcap, the 24-hour trading volume of the largest cryptocurrency holds at $31,435,737,575 with a gain of 14%.

If the price drops below the session’s low at $29,277.77 this would wipe out any hopes for the upside in the asset. BTC could test Saturday’s low of $28,564.38 amid sustained selling pressure. Next, a market participant could explore $26,000.

While, things look pessimistic for BTC still a spike in the buy order could push the price higher, if it manages and is able to trade above $30,000 on the 4-hour chart more gains would be possible.

On moving higher, the first upside hurdle could be found at the 50-day EMA (Exponential Moving Average) at $31,161.03. An acceptance above the provided level could bring $34,000 on the horizon.

As of publication time, BTC/USD trades at $30,000, up 1.25% for the day.

Technical indicators:

RSI: The relative strength index oscillates near the average line with a neutral bias. Currently, it reads at 48.

MACD: The moving average convergence divergence indicates receding bearish momentum while it holds below the average line.