Despite the slight stabilization of the Bitcoin price in the narrow range, it continues to be controlled by bears. Bitcoin has stabilized a bit, trading at around $3,480, above the support level of $3,200.
The price of Bitcoin is declining and the downward trend emerges brighter. At the moment, the uptrend is almost absent on the hourly chart. The downtrend began its formation in the $4,140 area and dipped to the $3,440 area. As already mentioned, the support level is at $3,200, and the nearest resistance level is around $3,900.
The indicators show a downtrend. At the same time, Stochastic is in the oversold zone, and MACD lines show a downward movement.
Chaikin's cash flow signals a decrease in the amount of money on the market.
On the BTCUSD daily chart, the downtrend began around $8400 and strengthened after $6400. The $3,350 level provides long-term support for Bitcoin, while the resistance levels are around $6,700, $7,400.
The price moves below the 200-day EMA, which means that we should not expect a market reversal in the near future.
The RSI indicator shows that the price is in the oversold zone but makes attempts to recover.
Since all the indicators on the hourly and daily chart indicate a continuation of the bearish trend, it can be concluded that Bitcoin can still fall below $3,400.