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Cryptopolitan 2021-08-18 21:19:34

Bitcoin price analysis: Bears pounce on BTC as price crashes below $45k

TL;DR Breakdown Bitcoin price analysis shows big risk as bears take the price under $45,000The 200-day moving average holds the key to the next price actionThe BTC/USD pair is moving within a tight range of 1,200 dollars on an hourly basis The price of Bitcoin is showing signs of weakness as the pair is moving within a tight range but shifted its focus downwards. After reaching out towards the lower support at $44,000, the pair started moving up towards the $46,300 level after being rejected from there later in the afternoon. Profit-taking is the reason why bulls are unable to penetrate beyond $48,000 in a decisive move with massive volumes. Bitcoin price analysis suggests that short-term fatigue can set where the price of BTC can move below $44,000. The daily chart shows a high of $47,500, and the bulls have fallen drastically near this level. The 200-day moving average is beckoning the price to cross $45,000, but the 21-week moving average is putting pressure from above. The potential bullish signs are evident in the rise from $44,000 to the current $44,900 as per Bitcoin price analysis. Bitcoin price movement in the last 24 hours: Bulls unable to drive the price above $45,000 Bitcoin price chart by TradingView The hourly charts paint a dilemma where the bulls are unable to break out from the bearish divergence. The bearish triangle pattern formed a week earlier signals near-term caution on the hourly charts. However, the l...

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Bitcoin price analysis: Bears pounce on BTC as price crashes below $45k

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