Bitcoin price analysis: BTC in oversold region, rebounds from $34K

Bitcoin price analysis is again not very optimistic for today as the world's biggest cryptocurrency is being 'oversold'

Bitcoin price analysis is again not very optimistic for today as the world’s biggest cryptocurrency is being ‘oversold’ as per popular indicators. On the other hand, the world’s biggest cryptocurrency is trading at $35.8K and is up by 0.41% in the last 24-hours. 

The data from CoinMarketCap shows that the trading volume of the token has dropped 15.97% in the last 24-hours with a 0.18% drop in the market cap. Bitcoin is aiming to recapture the $37.5K price level that it lost on Jan 22, 2022, as per our Bitcoin price analysis.

Our crypto news weekly roundup has covered all the important events that covered the entire journey of the crypto market last week. In the roundup, you can learn about the key events which led to the drastic fall of BTC before moving ahead in our Bitcoin price analysis.

Bitcoin price analysis on the daily chart

Bitcoin price analysis shows that the 50-day and 100-day Moving Averages are above the price action, which means that the overall Bitcoin price trajectory is forming lower lows. On the other hand, the Bollinger Bands show that BTC broke from the lower end of the Bands as selling volumes surged.

Bitcoin price analysis
Source: TradingView

The RSI indicator shows that Bitcoin has officially entered the oversold zone on the daily chart, which is a very good buying spot. If you have the capital, now would be the best time to enter the market.

Bitcoin price analysis
Source: TradingView

Conclusion

Bitcoin price analysis can be confirmed on a bearish note for today. Despite breaking above $41K earlier this week, the BTC token hasn’t been able to maintain high prices. The token has fallen by nearly 17% in the last 7-days, and it seems that the bears will remain in control for now. It might be a good time to invest in cryptocurrencies on the whole.

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