The Bitcoin price moved down on the four-hour chart over the past 24 hours. Bitcoin price had risen above $20,000 in the last 24 hours, but bears were unable to keep the asset below that level.
The coin has been consolidating in its chart for the past 24 hours.
BTC dropped by 9.9% in the last week. The lower levels saw a lot of demand. There was less demand for crypto’s return, which drove the price below its immediate resistance.
Given the active sellers in the market at the writing of this article, the technical outlook was bearish for the coin.
If buyers don’t return to the market, Bitcoin price will trade near its closest price level. The goal is to trade below that support level.
If the price of the coin falls below $20,000, it is vital that it moves higher than this level during the next trading session.
Global cryptocurrency market capitalization today stands at $996 billion. 2.7% negative change in the last 24 hours.
The Four Hour Chart: Bitcoin Price Analysis
BTC trades at $22,600 as of the writing. In the 24 hour period, BTC was trading below $20,000 in price.
Bitcoin’s price is quite volatile at the moment. We will see how long it remains above the price mark.
The next stop for BTC if it doesn’t trade near the next resistance level will be at $18,000. BTC’s overhead resistance stood at $21,100.
If it travels higher than that, then the next step would be reaching $22,000. On the flip side, if BTC was unable to remain above the $18,000 mark, $17,000 doesn’t seem unlikely.
Technical Analysis
BTC has shown an increase in sell strength with falling prices. This indicates that the demand was higher at lower prices.
Also, technical indicators showed increased bearish momentum. Relative Strength Index fell below half-line, which means that sellers outnumbered buyers.
The Bitcoin price fell below the 20 SMA line. This is an indicator that the sellers are driving price momentum.
The coin’s other technical indicators also indicated that the buying strength was picking up on the four-hour chart.
Moving Average Convergence Divergence indicated the momentum and change in the coin’s price trend.
MACD was positive, with green histograms at the half-line that pointed to a buy signal. Chaikin Money Flow indicates capital outflows and inflows.
CMF peeked above the halfway line, suggesting that capital outflows were just exceeding capital inflows.