Bitcoin’s price has risen in the past 24 hour. But, bulls seem to have lost their momentum on the chart. Although the coin has gained almost 4% over the past 24 hours, most of its gains have been reversed by press time.
BTC did not make any progress over the week in price movement.
The minor bullish spell was not yet reflected in technical indicators, which remained bearish as of the writing.
The market is still dominated by sellers, while the bulls defend its two critical support levels.
The support zone currently lies between $19,000- $18,600. If bulls are able to make a comeback then the coin may touch $20,000 again.
Bitcoin prices will increase if they rise above $20,000, which would be a move that puts them above $25,000 Today, the global cryptocurrency market is worth $980 billion. 1.0%In the last 24hrs, there has been positive change.
A Day of Bitcoin Price Analysis
BTC was quoted at $19,044 as of the writing. The bulls attempted to push the Bitcoin price over the $20,000 threshold, but failed. This led to increased demand for Bitcoin at a lower price.
Overhead resistance was $19 600 for the coin. It could trade for $20,000 again if the coin moves higher than $19600.
To achieve this, buyers must assert their dominance over the chart. Support level for BTC was $19,000 BTC would drop to $18,600 if it fell through.
In order to prevent the coin from falling apart, the bulls will have to protect it at $17600. According to the latest session, Bitcoin trading volume fell which could indicate a decline in buyer strength.
Technical Analysis
BTC’s movement showed that the coin was being dominated by the sellers at press time. It is still highly-indicated to trade in the $19,000 price area.
The bulls may find it more difficult to reach the $20,000 price point. Relative Strength Index fell below half-line, which suggests a decline in buying power and an increase in bearishness.
Bitcoin’s price fell below the 20 SMA line. This meant that sellers drove the market’s price momentum. An increase in buyer strength may help Bitcoin climb above the 20 SMA line and allow the bulls to win.
BTC’s technical indicators depicted mixed signals on the one-day chart. Moving Average Convergence Divergence represented the overall price movement and price momentum of BTC.
MACD kept flashing bearish signals, with red signal bars that were sell signals for the coin. Contrary, however, the Chaikin Money Flow measured capital inflows while outflows were positive.
CMF remained positive while capital inflows increased, as shown on the indicator. The CMF indicator dropped, which means that Bitcoin bears may be closing in.