Bitcoin price has been moving within a restricted range for over a week now. The coin had attempted to move north over the past few days. However, it has not managed to trade near the $20,000 mark.<\/p>\n
The movement of the Bitcoin price has mainly remained sandwiched between $18,000 and $20,000, respectively.<\/p>\n
Over the last 24 hours, BTC slipped by 0.4%, confirming that there has not been significant price movement.<\/p>\n
In the past week, BTC depreciated by 1.1%. Overall market strength has been choppy, which is why market movers have remained dull on their respective price charts.<\/p>\n
The technical outlook of Bitcoin continued to side with the bears. Buying strength has remained low as a result of a slowdown in demand for Bitcoin.<\/p>\n
According to its one-day chart, over the next trading sessions, Bitcoin is set to retrace further and trade close to the $18,900 price mark.<\/p>\n
This support level marks a crucial price level for the coin as it will determine the next move of Bitcoin depending on the demand for the coin.<\/p>\n
Bitcoin Price Analysis: One-Day Chart BTC was trading at $19,100 at the time of writing. The cryptocurrency has moved up and down within the range of $19,400 and $19,000.<\/p>\n Continual movement in a similar pattern will strengthen the bears even further. Overhead resistance for the coin was at $19,600, moving past which BTC will again have a tough time crossing past $20,000.<\/p>\n The bulls will only take over from the $20,000 price mark. On the other hand, the nearest support would be $18,900. This is a crucial support line for the coin.<\/p>\n A fall from there will cause BTC to move to $18,300 and then to $17,400. The amount of Bitcoin traded in the last session turned green, which could indicate a small rise in buyers.<\/p>\n Technical Analysis Demand for the coin has seen a slight increase over the last 24 hours. For most of this month, Bitcoin\u2019s demand has remained low, and sellers have taken over the market.<\/p>\n The Relative Strength Index was below the half-line, and that meant a lower number of buyers as compared to sellers on the one-day chart.<\/p>\n Bitcoin price was below the 20-SMA line, which also was in accordance with fewer buyers as sellers were driving the price momentum in the market.<\/p>\n Bitcoin depicted buy signal on the one-day chart | Source: BTCUSD on TradingView<\/a><\/p>\n However, BTC still continued to display buy signal on the chart. However, those were declining and would soon be replaced by sell signal.<\/p>\n The Moving Average Convergence Divergence shows the price momentum and direction of the asset. MACD still displayed green signal bars, which were buy signal for the coin.<\/p>\n The Parabolic SAR also indicates the price direction of the asset. The Parabolic SAR was above the candlesticks, which meant that the price was bearish for the asset.<\/p>\n The indicator indicated that the price of Bitcoin was in a downward trend, which could be reversed if demand returned to the chart.<\/p>\n Featured image from UnSplash, Chart: TradingView.com<\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Bitcoin price has been moving within a restricted range for over a week now. The coin had attempted to move north over the past few days. However, it has not managed to trade near the $20,000 mark.<\/p>\n The movement of the Bitcoin price has mainly remained sandwiched between $18,000 and $20,000, respectively.<\/p>\n Over the last 24 hours, BTC slipped by 0.4%, confirming that there has not been significant price movement.<\/p>\n In the past week, BTC depreciated by 1.1%. Overall market strength has been choppy, which is why market movers have remained dull on their respective price charts.<\/p>\n The technical outlook of Bitcoin continued to side with the bears. Buying strength has remained low as a result of a slowdown in demand for Bitcoin.<\/p>\n According to its one-day chart, over the next trading sessions, Bitcoin is set to retrace further and trade close to the $18,900 price mark.<\/p>\n This support level marks a crucial price level for the coin as it will determine the next move of Bitcoin depending on the demand for the coin.<\/p>\n Bitcoin Price Analysis: One-Day Chart BTC was trading at $19,100 at the time of writing. The cryptocurrency has moved up and down within the range of $19,400 and $19,000.<\/p>\n Continual movement in a similar pattern will strengthen the bears even further. Overhead resistance for the coin was at $19,600, moving past which BTC will again have a tough time crossing past $20,000.<\/p>\n The bulls will only take over from the $20,000 price mark. On the other hand, the nearest support would be $18,900. This is a crucial support line for the coin.<\/p>\n A fall from there will cause BTC to move to $18,300 and then to $17,400. The amount of Bitcoin traded in the last session turned green, which could indicate a small rise in buyers.<\/p>\n Technical Analysis Demand for the coin has seen a slight increase over the last 24 hours. For most of this month, Bitcoin\u2019s demand has remained low, and sellers have taken over the market.<\/p>\n The Relative Strength Index was below the half-line, and that meant a lower number of buyers as compared to sellers on the one-day chart.<\/p>\n Bitcoin price was below the 20-SMA line, which also was in accordance with fewer buyers as sellers were driving the price momentum in the market.<\/p>\n
\nBitcoin was priced at $19,100 on the one-day chart | Source: BTCUSD on TradingView<\/a><\/p>\n
\nBitcoin registered a small uptick in buying strength on the one-day chart | Source: BTCUSD on TradingView<\/a><\/p>\n
\nBitcoin was priced at $19,100 on the one-day chart | Source: BTCUSD on TradingView<\/a><\/p>\n
\nBitcoin registered a small uptick in buying strength on the one-day chart | Source: BTCUSD on TradingView<\/a><\/p>\n