https://ift.tt/3eulOR3 Price Analysis: BTC wasn’t able to break $53K, still bearish

TL;DR Breakdown

• Bitcoin price analysis brings bad news for today as the token fell by 3%
• The world’s biggest crypto failed to capture a $1 trillion market cap
• Bitcoin failed to push above $53K, turning bearish

Bitcoin price analysis is not what many people expected from the world’s biggest cryptocurrency after it turned bullish due to the ‘Santa rally.’ The Bitcoin downtrend is still not over yet, and it needs to break above $53,000 in order to confirm a move towards new all-time highs.

The daily candlestick was initiated at $50,701 and went to a daily high of just $50,704, falling to the daily low of $48,657. The current price of the world’s biggest cryptocurrency stands at $49,157, which is quite low from the important zone of $53,000 and more than a 20% low from the all-time high.

The data from CoinMarketCap shows that the token reached a high of $51,956.33 and a low of $48,065.84 in the past 7 days. On the other hand, the 30-day low stands at $42,874.62, while the 30-day high stands at $59,113.40.

Bitcoin price analysis on the daily chart

The Bitcoin price analysis on the daily chart shows that the two of the most important Moving Averages, the 50-day, and 100-day MAs, are above the price action, which is a bearish condition, and BTC needs to conquer these zones to turn bullish.

The current prices rest in the upper end of the Bollinger Bands, although the price action is retracing from that region, meaning a fall can be expected. The price movement is testing the middle of the Bands.

The MACD indicator is very promising despite the huge selling pressure from the bears. This is because of the bullish divergence on the daily MACD witnessed a few days ago. Furthermore, the RSI levels indicate that selling pressure is increasing, and in this case, investors might need to buckle up.

Conclusion

A straight bearish conclusion can be made from today’s analysis. The Bitcoin price action is bearish and is trying to recover from the sell-off experienced in mid-November. It is also very important to understand that the Bitcoin price analysis is not absolute.