Over the past 24 hours, Bitcoin’s price has lost strength. Bulls have lost their momentum as the coin continues to be rejected at $21,000.
The coin lost 1% over the past 24 hours. This indicates that BTC is currently consolidating on the chart.
Bitcoin’s price has seen positive developments over the past week, but it has also lost the majority of its gains from the previous trading session. Bitcoin can regain momentum if it overcomes the overhead resistance in the next trading session.
According to the technical outlook, the coin’s price is currently in the bullish region.
Despite the fact that the demand has dropped, buying power is strong at the moment.
BTC could trade at or above the resistance mark if there is a rebound in demand. At the moment, BTC’s local support line stood at $20,000 and then at $19,600. It will be difficult for bulls to regain control of the chart by falling below $19600.
One-day Bitcoin price analysis
At the time this article was written, BTC traded at $20,000. It has been difficult for the coin to surpass the $21,000 mark. This is why bulls have continued losing strength.
BTC will once more experience positive price action, if it surpasses the $20,000.800 mark. The coin then topples above $21,000 to trade there the following trading session.
This bearish reversal flag pattern has been formed by the coin, and it indicates that there will be an extension to the current downtrend. BTC will then trade at $19,600 as its first stop. Bitcoin then trades at $19 600.
After the price of $19,600 is reached, the bears will be in control. There was an increase in Bitcoin trading volume during the last session, which indicates that buyers are less pressure.
Technical Analysis
Although the altcoin has seen an increase in buyer strength, demand dropped as the bulls reduced its popularity.
Even with the decline in buying power, it remained positive. While the Relative Strength Index dropped a bit below 60, it still showed that buyers outnumbered sellers.
The Bitcoin price was higher than the 20-SMA, indicating buyers driving price momentum.
Another indicator has also indicated that the buyers are not leaving completely, which suggests that Bitcoin prices could rise again.
Moving Average Convergence Divergence signals the strength of momentum and direction. MACD showed positive signals with green bars, which was the buy signal.
Bollinger Bands represent price fluctuation and volatility. Bollinger Bands show price volatility and fluctuation. The bands broke apart.