The price analysis for Bitcoin (BTC) shows that it is currently hovering at $47,682.93 per BTC. The data from CoinMarketCap for Bitcoin shows its price has plunged 16.50% in the past 30-days. In the past 7-days, the price for BTC has plunged further down to 2.42%, and another plunge worth 2.63% in the past 24-hours.
As of now, the sentiments of the Bitcoin investors are in the negative zone. This means that the investors are highly likely to sell Bitcoin than accumulate it given the current circumstances.
On the sell:neutral:buy scale, the current sentiments of the investors are bearish. At present, the particular is demonstrating a value of 13:10:3. Therefore, the sentiments of the investors are leaning towards the bearish trend and they may prefer selling Bitcoin.
At the moment, Bitcoin’s price is hovering near the first strong support mark, which is represented at $47,649.91. In the upcoming days, the bears may increase the selling pressure in order to pull its price to a lower mark. The bears may attempt to bring it below the first strong support mark.
From that point, the bears may attempt to bring its price closer to the second strong support point. If the bulls are not able to keep up with the selling pressure of the bears, then the BTC price may plunge more. At that point, the price of BTC may come down to the second strong support mark ($43,130.30).
This may turn Bitcoin even more bearish and the general sentiments of the investors may follow. Even the RSI for Bitcoin may fall into the same zone and the bears may get the opportunity to launch a strong selling spree against Bitcoin.
This would result in bringing the price of BTC even lower than the second strong support mark. The bears may increase the selling pressure in order to pull BTC’s price lower to the third strong support mark. At present, the third strong support mark for Bitcoin is $36,879.15.
On the contrary, the attempt of the bulls would be to increase Bitcoin’s price. They will try to push its price all the way up to the first resistance mark, which is $51,769.39.
Given the current situation of Bitcoin, the bulls may have to exert a lot of pressure from their end increasing buying pressure to push its price over the mark. From that point, the bulls may have to increase buying power in order to push Bitcoin’s price higher.
The main focus of the investors (bulls) would be to increase their buying power to push Bitcoin’s price higher to $55,981.00, the second strong resistance mark.
If that happens, then the investors will be able to launch another major rally in order to push its price over the $61,883.75 (third strong resistance mark).