Bitcoin Price Struggles Under $21,000, Will The Bulls Power Through Again?

As the bulls lose force in the last 24hrs, Bitcoin’s price remains below the $21,000 mark. Over the past 24 hours, 1.3% has been lost in bitcoin’s value.

The $21,000 resistance is holding the Bitcoin price steady. BTC will continue to move sideways, which could lead to further losses of steam by the bulls and a drop at the nearest support level.

According to the one-day chart, technical views of the coin remain positive. However, the demand fell slightly for the coin. The coin’s demand is still positive as of the writing.

BTC was optimistic on the 24-hour chart, as well as buying power. BTC could attempt to reach the $21,000 threshold if there is a slight increase in demand.

Any move higher than the $21,000 mark will allow for an immediate move up to $22,000. BTC could trade at $28,000 to $22,000 the next time it moves.

BTC could also reach $22,000 if the rate of trading picks up. Bitcoin buyers need to believe that Bitcoin bulls can move north in the next trading session.

One-day Bitcoin price analysis

Bitcoin Price
Source: BTCUSD on TradingView| Source: BTCUSD on TradingView

BTC traded at $20,600 as of the writing. Over the past few trading sessions, BTC has traded laterally.

It is important that Bitcoin price doesn’t lose its current support as that would pull the price of the asset down, causing the bears to gain strength.

Bitcoin needs to rise above $20,800 in order to keep its bullish momentum.

Bitcoin can move above this level to reach $21,000 and cross $21,600. This could be a major resistance point that can push the coin up to $22,000.

BTC’s bullish momentum is being lost and will cause it to fall to $20300, then $19600.

It was reported that Bitcoin trading volume fell in the latest session. This indicates that Bitcoin buying power is down slightly.

Technical Analysis

Bitcoin Price
Bitcoin demonstrated positive buying pressure at the one day chart. Source: BitcoinUSD on TradingView| Source: BTCUSD on TradingView

Positive buying has been shown by altcoin on the daily chart. For most of March, the altcoin’s purchasing strength has held steady on the upside.

Even with a drop in sales, the Relative Strength Index remained above the 60 mark. At the time this was written, the coin had more buyers than it sellers.

The fact that Bitcoin prices were above the 20 SMA line indicated that there was positive demand and buyers driving price momentum.

Bitcoin Price
Source: BTCUSD on TradingView| Source: BTCUSD on TradingView

BTC showed bullish signs as there was continued positive demand. Moving Average Convergence divergence shows the direction and price momentum of BTC.

MACD created green signal bars that were growing in size and were the sell signal for the coin. The strength of price trends can be measured using parabolic SAR.

These dotted lines indicated that the price trend was up.

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