Bitcoin price has been defeated by the bears after it traded around the $20,000 mark for quite some time. Over the last 24 hours, the coin fell by 2.1% and in the past week Bitcoin price lost close to 5% of its value.<\/p>\n
At the current moment, the coin was trading at the $19,000 price level.<\/p>\n
The price of the asset has been directly tied to the U.S Federal Reserve hiking the interest rates. Bitcoin similarly continued to face selling pressure on its chart.<\/p>\n
The technical outlook continued to demonstrate a fall in buying strength.<\/p>\n
The price of the asset currently has been demonstrating consolidation on its chart. If the coin continues to display minimum price action, Bitcoin price could again drop to the $18,000 zone.<\/p>\n
There is a tight zone within which the coin has been trading and without the help of the buyers, a move above the current resistance zone seems unlikely.<\/p>\n
In such as case, the asset could travel south in a matter of the text trading sessions.<\/p>\n
Bitcoin Price Analysis: One Day Chart BTC was trading for $19,100 at the time of writing. After trading around the $20,000 price level for a considerable period of time, the selling pressure intensified.<\/p>\n Overhead resistance for the coin stood at $20,200 but in between Bitcoin could make a stop at $19,600. A move above the $20,200.<\/p>\n If the coin continues to move down due to selling pressure, it could break below the $18,000 price mark and fall to trade near $15,000.<\/p>\n A move above the $24,000 price level can also help Bitcoin price rally to $30,000. The amount of Bitcoin traded fell significantly in the last session indicating an increase in selling strength.<\/p>\n Technical Analysis BTC noted a sharp fall in demand on its one-day chart. This meant that demand for the coin above the $19,000 price level was high.<\/p>\n A move above the $19,000 price mark could again bring the demand back for the coin which could increase the influx of buying strength.<\/p>\n The Relative Strength Index was below the half-line and was quite close to the oversold zone. There was a tiny uptick however, that didn\u2019t mean buyers were back.<\/p>\n Bitcoin price moved below the 20-SMA line and that signalled that sellers were driving the price momentum in the market.<\/p>\n Bitcoin flashed sell signal on one-day chart | Source: BTCUSD on TradingView<\/a><\/p>\n The coin\u2019s other technical indicators have also pointed towards bearishness on the chart.<\/p>\n Moving Average Convergence Divergence underwent a bearish crossover and displayed red bars under the half-line which was a sell signal for the coin.<\/p>\n Bollinger Bands read the price volatility and chance of a price fluctuation. The bands have tightened and that is a sign of incoming price volatility or an explosive price movement.<\/p>\n Once, the Bitcoin price rises above the 20-SMA then the coin might briefly move north on its chart.<\/p>\n Featured image from UnSplash, chart from TradingView.com<\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Bitcoin price has been defeated by the bears after it traded around the $20,000 mark for quite some time. Over the last 24 hours, the coin fell by 2.1% and in the past week Bitcoin price lost close to 5% of its value.<\/p>\n At the current moment, the coin was trading at the $19,000 price level.<\/p>\n The price of the asset has been directly tied to the U.S Federal Reserve hiking the interest rates. Bitcoin similarly continued to face selling pressure on its chart.<\/p>\n The technical outlook continued to demonstrate a fall in buying strength.<\/p>\n The price of the asset currently has been demonstrating consolidation on its chart. If the coin continues to display minimum price action, Bitcoin price could again drop to the $18,000 zone.<\/p>\n There is a tight zone within which the coin has been trading and without the help of the buyers, a move above the current resistance zone seems unlikely.<\/p>\n In such as case, the asset could travel south in a matter of the text trading sessions.<\/p>\n Bitcoin Price Analysis: One Day Chart BTC was trading for $19,100 at the time of writing. After trading around the $20,000 price level for a considerable period of time, the selling pressure intensified.<\/p>\n Overhead resistance for the coin stood at $20,200 but in between Bitcoin could make a stop at $19,600. A move above the $20,200.<\/p>\n If the coin continues to move down due to selling pressure, it could break below the $18,000 price mark and fall to trade near $15,000.<\/p>\n A move above the $24,000 price level can also help Bitcoin price rally to $30,000. The amount of Bitcoin traded fell significantly in the last session indicating an increase in selling strength.<\/p>\n Technical Analysis BTC noted a sharp fall in demand on its one-day chart. This meant that demand for the coin above the $19,000 price level was high.<\/p>\n A move above the $19,000 price mark could again bring the demand back for the coin which could increase the influx of buying strength.<\/p>\n The Relative Strength Index was below the half-line and was quite close to the oversold zone. There was a tiny uptick however, that didn\u2019t mean buyers were back.<\/p>\n Bitcoin price moved below the 20-SMA line and that signalled that 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 displayed a fall 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 displayed a fall in buying strength on the one-day chart | Source: BTCUSD on TradingView<\/a><\/p>\n