Bitcoin [BTC] Technical Analysis: Bears overpower bull’s struggle to rise from pit

Bitcoin [BTC] has suffered a massive loss as it has fallen by more than 80% since its all-time loss. The hash rate of Bitcoin also collapsed by an approximate 20% when the price crashed to ~$3,200 a week ago.

The market cap of Bitcoin at the time of writing was $60.60 billion, with 24-hour trading volume of $4.74 billion.

1-hour

The downtrend for Bitcoin ranges from $5520 to $3405 as an uptrend in the current bear market seems like a distant memory. Prices for Bitcoin broke support at $3320 on December 7 and 8, the prices have since risen and the old support is still valid. The resistance points for Bitcoin can be seen hanging at $4345, $4750, and $5545.

The Bollinger Bands are undergoing a squeeze and the prices are staying afloat the simple moving average which is a slightly bullish sign.

The MACD indicator shows a bullish crossover as well, as the lines are heading up.

The RSI indicator is increasing slowly and rising from the depths of an oversold zone.

1-day

The downtrend for Bitcoin ranges from $9800 to $3425, with no uptrends in existence as the prices keep dipping. The support line for Bitcoin at $3746 has been breached on December 5 and the prices have gone only lower from this point. The long-term resistance points can be seen hanging at $7360, $8390, and $9800.

The Aroon indicator shows the Aroon red-line reaching the highest point indicating that the downtrend is in full strength.

The Chaikin Money Flow shows an oversold market as the line has slipped below the zero line, indicating that the money for Bitcoin is flowing out of the market.

The Stochastic indicator is down in the oversold zone and is in a bullish crossover. The Stochastic might undergo a bearish crossover soon.

Conclusion

The indicators for Bitcoin in the one-hour chart, Bollinger Bands, MACD, and RSI shows a mixture of both bullish and bearish signs . The Stochastic, RSI and the CMF indicators all show bearish presence for Bitcoin.