Bitcoin (BTC) Price Analysis: MACD Signal Hints at Decelerating Negative Momentum, RSI Below Signal Line

As of today, the MACD is posting a lower reading compared to yesterday. This is typically an indication that negative momentum is decelerating

Bitcoin price analysis: BTC price action still bearish, but key levels could trigger a potential trend reversal

Bitcoin price analysis for today shows that the price opened lower on the daily chart, continuing the bearish momentum from the past few days.

However, the bearish pressure seems to be easing up, and the bulls might be able to gain some control soon.

In that case, we can expect BTC to begin forming a new bullish wave from its current price levels.

On the other hand, if the bears manage to regain control, then BTC might drop further towards the next support zone.

The price opened at $98,04. The highest price reached during the past 24 hours was $99,623, and the lowest price is around $96,467.

BTC/USD 1-day price chart. Source: Tradingview

Bitcoin price analysis: Technical indicators easing up on the bearish pressure

The 1-day technical analysis summary shows that the overall trend is still bearish, with 11 of the 26 major technical indicators showing sell signals.

At the same time, only three indicators suggest buying BTC, while the remaining 12 are neutral and do not indicate a clear direction.

The Moving Averages are also bearish, with 10 of the MAs suggesting to sell and only one indicator showing a buy signal.

Meanwhile, the Oscillators are mostly neutral, with seven indicators suggesting to hold and only two each showing buy and sell signals, respectively.

Bitcoin price analysis: Key price levels to watch for today

The Bollinger Bands are currently squeezed, indicating low price volatility for BTC over the past few days.

The upper Bollinger Band is at the $101,62 price level, while the lower Bollinger Band is at the $94,36 price level.

Meanwhile, the price action is trading closer to the lower Bollinger Band, indicating that BTC might be due for a bullish reversal from its current price levels.

On the other hand, a candle wick is touching the upper Bollinger Band, which could also lead to a bearish reversal.

Bitcoin price analysis: Near support and resistance levels

The past 24-hour price movement shows that BTC price action is trading below the Simple Moving Average (SMA) 10, SMA 50, and SMA 200, indicating bearish momentum.

Meanwhile, the price action is trading above the Bollinger Bands (BB) lower limit, indicating bullish pressure from lower levels.

Finally, the price action is trading within the Ichimoku Cloud, indicating neutral momentum in the market.

Bitcoin price analysis: Potential trend reversal triggers

The approval of a robust pro-crypto legislative agenda and further positive announcements on the regulatory front could be one of those positive catalysts.

Recently, the acting Chairman of the United States Securities and Exchange Commission (SEC), Mark Uyeda, announced the creation of a Crypto Task Force that will work alongside major players in the blockchain industry to draft comprehensive regulatory guidelines to help the sector thrive in the U.S.

In addition, the approval of new exchange-traded products (ETPs) for altcoins like Ripple (XRP) and Solana (SOL) could also propel the price of BTC, as it would mean a positive step forward by the SEC to bring cryptocurrency to mainstream and institutional investors.

Finally, further institutional adoption of cryptocurrencies and blockchain technology could also catalyze a major increase in the market cap of digital assets.

One clear example of this was BlackRock’s decision to set up a fund called BUIDL in partnership with Securitize to explore the potential of tokenization for the financial industry.

Recently, during a conference in Davos, the head of BlackRock, Larry Fink, commented that he could see the price of Bitcoin rising to around $700,000 if the cryptocurrency continues to be embraced by countries undergoing political turmoil as a safe haven asset.