Bitcoin is extremely volatile lately. The king coin has lost nearly 7% during the last week. The worst quarter in Bitcoin’s history, with the cryptocurrency losing close to half of its value during the second quarter. After June, cryptocurrency prices have shown the most bearish behavior.
BTC has crossed the $19,000 mark in the past few days and broke the $20,000 barrier. BTC can be pushed to the next support level if it continues falling. BTC’s buying power dropped significantly, which has caused it to fall further over the 24 hour.
Bulls attempted to revive the coin on the chart, pushing it towards $22,000 but intense selling drove the coin down to $19,000 It was $17,000 at the critical support level. As bears continue to wreak havoc, it is possible that BTC could trade above this level in the coming trading sessions.
Today, the global cryptocurrency market is worth $914 billion. 0.3%In the past 24 hours, it has increased.
The Four-hour Chart: Bitcoin Price Analysis
The four-hour chart showed that BTC was currently trading at $19,000 The currency traded previously at the same price for weeks, but it then attempted to recover from the chart. BTC’s resistance stood at $20,000 at first, then $22,000 later.
BTC faced stiff resistance at $22,000, as it struggled for quite some time to trade higher than that level. If BTC’s current price momentum continues then $17,000 is just a matter of time.
Bitcoin volume traded fell dramatically and the bar was red, indicating bearishness in the chart. In the market, selling pressure was taking over.
Technical Analysis
BTC reported a lack of market buying pressure. Relative Strength Index was below the 50-mark, just above the 60-mark. This indicator shows market buying power. The indicator showed a slight uptick in buyers’ confidence, but it was not enough to cause a significant change in asset prices.
Parabolic SAR is a graph that shows trend reversal as well as price direction for cryptocurrency. It indicated market bearishness or a change in price direction. It indicated negative Bitcoin price action.
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BTC noticed a substantial drop in buying power, however the coin showed buy signals on its four-hour chart. Moving Average Convergence Divergence saw a bullish crossover, which means that the price may pick up on the chart.
These formed MACD green histograms, which are tied to the buy signal. The indicator showed a buy signal but buyers still struggled to access the market. Bollinger Bands represent the volatility in price of an asset.
This is due to the possibility of market volatility. According to technical forecasts, the price of Bitcoin could decline further and reach $17,000.
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Featured image taken from Unsplash.com and charts from TradingView.com