Bitcoin Moves Bearishly: What Does The Chart Say?

Bitcoin BTC/USD shares are trading slightly lower Monday in a bearish crypto market. Bitcoin has been steadily falling toward the support level in a sideways channel. The chart is showing the crypto could still have more room to fall in the channel if the bearish market continues.

Bitcoin was down 1.67% at $41,658.51 Monday afternoon at publication.

See Also: Chainlink Defies Red Crypto Market, Trading Higher Than Ethereum And Bitcoin

Bitcoin Daily Chart Analysis

Bitcoin has been steadily falling after it was unable to hold above the $60,000 level and may continue to show resistance near this level in the future. Previous support has been found near the $30,000 level and Bitcoin may be able to see a bounce here if the price can fall to this level.

The crypto trades below both the 50-day moving average (green) and the 200-day moving average (blue). This shows the crypto is trading with bearish sentiment and each of these moving averages may hold as an area of resistance in the future.

The Relative Strength Index (RSI) has been falling since mid October 2021 and sits at 31. The RSI continuing to fall for so long shows that sellers have been piling into Bitcoin. For the crypto to see a turn around the RSI will need to start moving higher and cross back above the middle line.

What’s Next For Bitcoin?

Bitcoin is in the middle of a bear market and could continue to fall until it reaches support. If the RSI is unable to turn around it will likely continue to fall. Previously the chart shows buyers have started entering the crypto around the $30,000 level and could continue to in the future. Bulls are looking to see the crypto turn around and see the RSI start climbing once again. Bulls want to see higher lows and the price to cross above the moving averages. Bears are in control of the stock as it sits and want to see it continue to fall. Bears ideally are looking for a break below the $30,000 in the future.

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