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Bitcoin Price Struggles at $19,000, Will Bears Continue to Dominate?

Bitcoin price has consistently plunged after breaking through $20,000. Bitcoin has barely moved in the last 24 hours.

BTC lost nearly 16% of its value last week. BTC quickly tried to recover from the $19,000 price mark on the chart.

However, the bulls failed to defend the price. Bitcoin price’s closest support line was he at $18,000. Bitcoin has been in a consistent downward trend over the past few months.

The technical outlook for the coin shows increasing bearish strength.

Selling pressure continues to outweigh buying on the 1-day chart. The $20,000 price mark will prove to be a strong resistance mark.

$20,000 is the key resistance for Bitcoin price. Increased purchasing power could provide the coin with temporary relief.

The market capitalization of cryptocurrencies in the world today is $962 billion. 0.6% positive Changes over the last 24 hours.

Bitcoin price analysis: 1 day chart

Bitcoin price was $18,800 on the 1-day chart. Source: BTCUSD on TradingView

BTC was trading at $18,800 at the time of writing. In the last few sessions, Bitcoin was trading above his $19,000 price mark. The coin’s overhead resistance is $20,000, which BTC has struggled to break above over the past few days.

BTC plummeted even faster due to the sharp drop in purchasing power. The bearish thesis could be invalidated if BTC breaks out of the $20,000 price level.

On the other hand, when the demand for the asset falls, the price of Bitcoin can even drop to $17,400. Below that price mark, the asset could be priced at $14,000.

The amount of bitcoin traded in the last trading session has dropped, indicating that sellers have taken over at the time of writing.

technical analysis

bitcoin price
Bitcoin Registers Low Buy Strength on 1-Day Chart | Source: BTCUSD on TradingView

Bitcoin’s price fell further due to the lack of buyers. Purchasing power plummeted just over a week ago and BTC has continued to drop on the charts ever since.

The relative strength index was less than half. This meant that there were more sellers compared to buyers.

Bitcoin price has broken below the 20-SMA line, indicating weak demand. This also means that sellers were driving the price momentum in the market at the time of writing.

bitcoin price
Bitcoin Draws a Sell Signal on the 1-Day Chart | Source: BTCUSD on TradingView

Other technical indicators are showing bearish price signals. Moving average convergence divergence measures market momentum and overall price direction in the market.

MACD went through a bearish crossover and displayed a red histogram which is a sell signal for the coin.

Meanwhile, the Chaikin money flow remains positive and above the half line. This indicator determines the amount of capital inflows and outflows.

At the time of writing, the CMF shows an increase in capital inflows.

Bitcoin Price Struggles at $19,000, Will Bears Continue to Dominate?

Source link Bitcoin Price Struggles at $19,000, Will Bears Continue to Dominate?

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