Bitcoin has been in a downward spiral ever since it started to reach new highs last year. After it broke through the $8,000 mark in December, it has been stuck in the $5,000 to $8,000 range ever since. Now, with the price at one point touching $32,000, bitcoin has fallen back to the $7,500 area.
Bitcoin sunk to a new yearly low of $32,000, which is a whopping 2.3% decrease from its peak of $33,000 in mid-December 2017. The sharp decline has gone hand-in-hand with a steady decline in the cryptocurrency’s price over the past few months.
Summary of the situation
- Today’s bitcoin price analysis shows that the bitcoin price has fallen after attempting to consolidate near $34k.
- Bitcoin could reach $40,000 if the lower support of $32,745 holds.
- New York Giants running back Saquon Barkley recently converted all of his advertising money into bitcoins.
Crypto currency heat map by Coin360
Bitcoin volatility is increasing throughout the day as the price drops below the $31,800 support zone. Bitcoin volume rose more than 1.9 percent today, pushing the price south, according to a Bitcoin price analysis. This could indicate a further decline in bitcoin towards $30k, while maintaining the current rate of decline.
Saquon Barkley, who was named the 2018 NFL Rookie of the Year, has agreed to transfer all of his sponsorship money in bitcoin. As a new sponsor of Grayscale, he will deposit his sponsorship money into Strike Wallet and convert it into BTC immediately. The news could serve as a positive catalyst for BTC in the short term, according to bitcoin price analysis.
Bitcoin price movement in the last 24 hours: up to $30k finally started
Today, the price of bitcoin fell from $33,100 to a low of $31,118. The bulls have failed to push the price up, as the analysis of the bitcoin price shows. Therefore, the bears want to quickly push the price below $30 to initiate an extreme sell-off.
Bitcoin bulls seem to have finally succumbed to the consensus Tesla CEO Elon Musk has reached in recent days on prices and transaction fees. According to him, Bitcoin and Ethereum work slowly, wasting money on sending transactions.
At the time of writing, the price of BTC is hovering around $31,290, having fallen below the critical support level of $32,000. Over the past week, the price of bitcoin has been stuck between $32,700 and $35,600.
Four hour chart BTC/USD: $30k support currently held by
The 4-hour chart of the bitcoin price shows consolidation near the $32,000 level, where the 50- and 100-day simple moving averages (SMAs) cross. The death cross caused by hitting this resistance caused the bulls to lose momentum and the bitcoin price to begin a downward movement. When the short-term SMA falls below the longer-term SMA, the price action is called a dead cross.
The BTC price has been falling since last month, when the 50-day SMA dropped below the 100-day SMA. As a result, the cryptocurrency has lost 7.6% of its value from a high of $34600 on July 12 to a current level of less than $32,000.
Despite the downward tilt of the 50-day SMA, it could turn down any attempt to push price higher. Recent downward movements may therefore continue for the foreseeable future. The relative strength index (RSI) is currently at 33.40, close to oversold territory.
The MACD gives a neutral signal. He’s below the signal line, which makes the situation even worse. You can see that a prolonged decline affected the bitcoin price on the 26th. June to a minimum of $30,000. Therefore, the BTC/USD pair is struggling to break through the $35,000 resistance level.
Bitcoin price analysis Output: Bulls need to be back soon
The weekly technical chart of bitcoin shows weak bearish momentum for the price according to bitcoin price analysis. Bitcoin hasn’t moved much in recent days; it’s still consolidating just below $37,000.
According to bitcoin price analysis, the BTC price is trading below the 50 and 100 day moving averages, with a negative value exceeded in the past. The 50-day moving average is at $35.457 and the price has not broken through this level in the past seven days. The price could soon exceed the 50 and 100 day moving averages, provided there is sufficient volume. The price resistance zone is $40,000.
Meanwhile, the headrest for the piece is priced at $30,000. Bitcoin price analysis shows that the bull market for BTC is now over. If the temporary hostile zone of 37k can be broken, an upward trend towards the 45k limit could emerge.
Currently, the price of bitcoin remains at the same level, but it could quickly turn into a positive trend. The news of Barkley’s Sakuon is helping to pull the price out of the consolidation zone.
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