SNEAK PEEK
- The BTC market faces selling pressure and low trading volumes.
- Traders are advised to exercise caution due to poor momentum.
- Selling pressure increases, causing a potential short-term bounce for BTC.
According to recent news on Bitcoin (BTC), approximately 35,000 bitcoins, nearly $100 million, were deposited into different cryptocurrency exchanges in April. However, over the past 24 hours, bears have controlled the BTC market driving prices from intraday highs of $29,526.98 to intraday lows of $28,929.61.
#Bitcoin | Over the course of this month, roughly 35,000 $BTC, equivalent to nearly $100 million, have been deposited into various #crypto exchanges. pic.twitter.com/F6aLpjrRqW
— Ali (@ali_charts) April 28, 2023
At the time of writing, the BTC market was still dominated by the bears, which caused the price to drop to $29,342.07, a decrease of 0.42% from the previous day’s closing.
BTC’s market capitalization and 24-hour trading volume decreased by 0.41% and 30.85%, respectively, to $568,314,696,204 and $16,152,719,470. This decrease might be attributed to the most recent market correction, which has reduced investor confidence and trading activity.
With a Fisher Transform score of 0.31 and movement below the signal line, the bearish pressure on the BTC market may gain momentum and lower the price. This movement suggests that selling pressure is increasing, so traders may consider short positions or wait for a potential trend reversal before establishing long positions.
On the 4-hour price chart of BTC, the stochastic RSI value of 57.06 and movement below the signal line indicate that BTC is oversold and may experience a short-term recovery. Traders should exercise caution, as this may be a relief rally, not a long-term trend reversal.
The Keltner Channel bands on the XRP 4-hour price chart, with the upper bar at 29990.46 and the bottom bar at 29058.41, indicates that the BTC price may continue to fall and challenge the lower support level soon. This view is supported by the price action formation of red candlesticks moving south toward the middle band.
If the price movement persists in this manner and breaks below the lower band, this indicates that the market is currently oversold and that a reversal or rebound may occur.
With a Rate of Change of -1.31, the market exhibits significant negative momentum, which could result in further declines if critical support levels are breached. Alternatively, if the ROC rating improves and enters positive territory, this may indicate a change in momentum and possible purchasing opportunities for traders.
Despite recent bearish pressure and low trading volumes, BTC may see a short-term bounce before potentially challenging lower support levels.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.
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- Source: https://investorbites.com/bitcoin-btc-price-analysis-29-04/
