Bitcoin price plummeted consistently after it breached the $20,000 mark. Over the last 24 hours, the Bitcoin has registered very little movement.<\/p>\n
In the past week, BTC lost close to 16% of its value. BTC quickly attempted to recover from the $19,000 price mark on its chart.<\/p>\n
However, the bulls couldn\u2019t defend that price mark. The closest support line for the Bitcoin price was $18,000. Bitcoin has been on a consistent downtrend over the past few months.<\/p>\n
The technical outlook of the coin pointed towards increased bearish strength.<\/p>\n
Selling pressure continued to exceed buying strength on the one-day chart. The $20,000 price mark will prove to be a strong resistance mark.<\/p>\n
$20,000 is the key resistance mark for the Bitcoin price. Increased buying power may provide the coin with some temporary relief.<\/p>\n
The global cryptocurrency market cap today is at $962 billion, with a 0.6% positive change in the last 24 hours.<\/p>\n
Bitcoin Price Analysis: One Day Chart BTC was trading at $18,800 at the time of writing. A few sessions before this, Bitcoin was trading above the $19,000 price mark. The overhead resistance for the coin was at $20,000, which BTC struggled to move past over the past few days.<\/p>\n A sharp decline in buying strength has caused BTC to plunge further and quickly. If BTC moves above the $20,000 price level, the bearish thesis could be invalidated.<\/p>\n On the other hand, lower demand for the asset can even drag Bitcoin price to $17,400. A fall below that price mark could attempt to bring the price of the asset to $14,000.<\/p>\n The amount of Bitcoin traded in the last trading session declined, signalling that sellers took over at the time of writing.<\/p>\n Technical Analysis The fall in buyers caused the Bitcoin price to tumble further. There was a sharp fall in buying strength just a week ago, and ever since, BTC has continued to depreciate on its chart.<\/p>\n The Relative Strength Index was below the half-line, which meant that sellers were numerous as compared to buyers.<\/p>\n The Bitcoin price travelled below the 20-SMA line, displaying a fall in demand. It also meant that sellers were driving the price momentum in the market at the time of writing.<\/p>\n Bitcoin depicted sell signal on the one day chart | Source: BTCUSD on TradingView<\/a><\/p>\n Other technical indicators pointed towards a bearish price signal. The Moving Average Convergence Divergence measures the market momentum and overall price direction in the market.<\/p>\n The MACD underwent a bearish crossover and then displayed red histograms, which were sell signal for the coin.<\/p>\n On the other hand, Chaikin Money Flow remained positive with an uptick above the half-line. The indicator determines the amount of capital inflows and outflows.<\/p>\n At the time of writing, CMF displayed increased capital inflows.<\/p>\n Featured image from UnSplash, Chart: TradingView.com<\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Bitcoin price plummeted consistently after it breached the $20,000 mark. Over the last 24 hours, the Bitcoin has registered very little movement.<\/p>\n In the past week, BTC lost close to 16% of its value. BTC quickly attempted to recover from the $19,000 price mark on its chart.<\/p>\n However, the bulls couldn\u2019t defend that price mark. The closest support line for the Bitcoin price was $18,000. Bitcoin has been on a consistent downtrend over the past few months.<\/p>\n The technical outlook of the coin pointed towards increased bearish strength.<\/p>\n Selling pressure continued to exceed buying strength on the one-day chart. The $20,000 price mark will prove to be a strong resistance mark.<\/p>\n $20,000 is the key resistance mark for the Bitcoin price. Increased buying power may provide the coin with some temporary relief.<\/p>\n The global cryptocurrency market cap today is at $962 billion, with a 0.6% positive change in the last 24 hours.<\/p>\n Bitcoin Price Analysis: One Day Chart BTC was trading at $18,800 at the time of writing. A few sessions before this, Bitcoin was trading above the $19,000 price mark. The overhead resistance for the coin was at $20,000, which BTC struggled to move past over the past few days.<\/p>\n A sharp decline in buying strength has caused BTC to plunge further and quickly. If BTC moves above the $20,000 price level, the bearish thesis could be invalidated.<\/p>\n On the other hand, lower demand for the asset can even drag Bitcoin price to $17,400. A fall below that price mark could attempt to bring the price of the asset to $14,000.<\/p>\n The amount of Bitcoin traded in the last trading session declined, signalling that sellers took over at the time of writing.<\/p>\n Technical Analysis The fall in buyers caused the Bitcoin price to tumble further. There was a sharp fall in buying strength just a week ago, and ever since, BTC has continued to depreciate on its chart.<\/p>\n The Relative Strength Index was below the half-line, which meant that sellers were numerous as compared to buyers.<\/p>\n The Bitcoin price travelled below the 20-SMA line, displaying a fall in demand. It also meant that sellers were driving the price momentum in the market at the time of writing.<\/p>\n
\nBitcoin was priced at $18,800 on the one-day chart | Source: BTCUSD on TradingView<\/a><\/p>\n
\nBitcoin registered low buying strength on the one day chart | Source: BTCUSD on TradingView<\/a><\/p>\n
\nBitcoin was priced at $18,800 on the one-day chart | Source: BTCUSD on TradingView<\/a><\/p>\n
\nBitcoin registered low buying strength on the one day chart | Source: BTCUSD on TradingView<\/a><\/p>\n