The price of Bitcoin has increased in the last 24 hours. However, the bulls have lost steam on the chart. The coin has gained about 4% in the last 24 hours, but most of the gains have been reversed at press time.
Last week, BTC did not make any progress in terms of price movement.
Technical indicators did not reflect the slightest bullish spell as the indicators remained weak at the time of writing.
On the one hand, sellers continue to dominate the market, on the other hand, bulls defend the coin’s two critical support levels.
The current support zone is between $19,000 and $18,600. If the bulls come back, the coin can touch the $20,000 mark again.
A move above the $20,000 mark would help Bitcoin price move above the $25,000 mark. The global cryptocurrency market is worth $980 billion today. 1.0% Positive changes in the last 24 hours.
Bitcoin Price Analysis: One Day Chart
BTC was trading at $19,044 at the time of writing. The bulls tried hard to take the price of Bitcoin above $20,000 but failed. This also indicates an increase in demand for the lower level of the coin.
The coin’s top resistance stands at $19,600. If the coin manages to move above the $19,600 mark, it could move to trade at $20,000 again.
For this to happen, rulers must assert dominance on the chart. The coin’s support level rested at $19,000. A fall would bring BTC to $18,600.
The bulls then need to defend $17,600 for the coin to continue its recovery. The volume of Bitcoin traded in the previous session decreased, indicating a fall in buying strength.
Technical analysis
BTC activity shows that the coin was under the control of sellers at the time of the press conference. The $19,000 price zone remains a high demand zone.
This makes it difficult for the bulls to climb to the $20,000 price mark. The relative strength index was below the halfway line and included a decline in purchasing power and depression.
The price of Bitcoin was below the 20-SMA line, and this means that sellers were driving the price momentum in the market. Increased buying strength could help Bitcoin rise above the 20-SMA line, which would help the bulls take control.
BTC technical indicators were showing mixed signals on the intraday chart. The moving average support divergence indicates the coin’s price momentum and overall price action.
MACD continues to flash sell signals for the coin with red signal bars. In contrast, Chaikin’s cash flow measures capital inflows and outflows were positive.
As shown in the indicator, CMF remains positive as capital inflows are high. There was a drop on the CMF indicator, indicating that bears are closing in on Bitcoin.