Technical Analysis of the Digital Asset Shows Bitcoin (BTC) Breaking Another Support Area

Bitcoin Price Analysis & News

The bear market crash has taken a toll on the top digital assets. Top digital asset Bitcoin (BTC) has suffered the most in these difficult times. The virtual token is now in a grim stage in its ten-year existence as prices haven’t stopped bleeding.

In fact the price of the asset has been collapsing to record lows that were last observed in mid-2017. As of press time, the current market capitalization of Bitcoin (BTC) stood at $56 billion while the 24-hour trading volume of the dominant cryptocurrency stands at $4.12 billion.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$42,161.00-0.15%

It is noteworthy to indicate that the 24-hour volume of Bitcoin (BTC) shows a negative change in price by 2.04%. However, the weekly change via the charts shows a 5% decrease which is more shocking.

Anticipating An Uptrend for BTC in The Current Market State is Farfetched

The situation is so bad to the point that we can’t be blamed for losing faith in any rebound in the price of the crypto asset anytime soon. Hoping for an uptrend in the price of Bitcoin (BTC) appears farfetched. However, the downtrend extends from the $5,520 region to the $3,220 support level.

The $3,320 supports area for Bitcoin (BTC) has been successfully breached with a new support area set up at $3,160. There are resistance points at the $4,345, $4,750, and $5,545 areas all of which don’t have to worry because the prices have been dwindling instead of moving upwards.

The Parabolic SAR indicator now shows a bullish trend for an alteration in the one-time frame because markers have formed below these particular price candles. The MACD indicator displays a positive outlook, and the indicator, is indicating a bullish crossover. As for the Stochastic indicator, there is a negative stance as shown from the bearish crossover.

Bitcoin (BTC) Breaks Support at $3350

From the one-day chart, we can see that the downtrend for Bitcoin (BTC) spans from $9,800 to $3,440. The prices have broken the $3350 support area. There are resistance points via the one-day chart which can be seen at $7,360, $8,390, and $9,800 respectively. The Vortex indicator indicates that Bitcoin (BTC) is in a bearish shift as the VI+ has now collapsed below the VI as of December 13. It has been trying to come up once again but failed.

From the Chaikin Money Flow, we can see that the influx of cash is very less for the digital asset and is trumped by the funds coming out of the market. The Aroon indicator shows the downtrend gaining maximum strength and has hit the 100-line.

Bearish Pressure for Bitcoin via the Stochastic Indicator

Looking at the one-day chart, Bitcoin (BTC) was showing a bearish presence for the digital asset as portrayed by the Stochastic indicator, but the MACD and SAR are now showing bullish run in a shorter time frame. However, the one-day chart shows an obvious bearish dominion via the long time frame as CMF shows that money is coming out of the market. The Aroon indicator is on a strong downtrend.

 

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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