The price of Bitcoin increased in the last 24 hours. However, the bulls have run out of steam on the chart. The coin gained almost 4% in the last 24 hours, but most of the gains were reversed at press time.

In the last week, BTC made no headway in terms of price movement.

Technical indicators were not yet reflecting the minor bullish spell as indicators were still bearish at the time of writing.

On the one hand, the sellers continue to dominate the market, and on the other hand, the bulls continue to defend the two crucial support levels of the coin.

The current support zone is between $19,000 and $18,600. If the bulls turn back, then the coin can touch the $20,000 mark again.

A move above the $20,000 mark will help Bitcoin price break above the $25,000 mark. The global cryptocurrency market capitalization today is $980 billion, with a 1.0% positive change in the last 24 hours.

Bitcoin Price Analysis: One-Day Chart

Bitcoin was priced at $19,044 on the one-day chart | Source: BTCUSD on TradingView

BTC was trading at $19,044 at the time of writing. The bulls tried hard to push the price of Bitcoin above the $20,000 mark but failed to do so. This also meant higher demand at the lower level of the coin.

The top resistance of the coin was located at $19,600. If the coin manages to move above the $19,600 mark, it could move to trade at $20,000 again.

For that to happen, buyers must assert their dominance on the chart. The support level for the coin remained at $19,000. Falling would take BTC to $18,600.

The bulls will then have to defend the coin at $17,600 for the coin to continue to rally. The amount of Bitcoin traded in the last session decreased, which points to a drop in buying strength.

Technical analysis

Bitcoin showed low buying strength on the one-day chart | Source: BTCUSD on TradingView

BTC’s move showed that the coin was being dominated by sellers at press time. The $19,000 price zone is still a high demand zone.

This could make it difficult for the bulls to break back above the $20,000 price mark. The Relative Strength Index was below the midline and that points towards a drop in buying strength and a further downtrend.

The price of Bitcoin was below the 20-SMA line, and that meant that the sellers were driving the price momentum in the market. Further buying strength could help Bitcoin break above the 20-SMA line, helping the bulls take control.

Bitcoin accounted for the sell signal on the one-day chart | Source: BTCUSD on TradingView

BTC technical indicators showed mixed signals on the one-day chart. The moving average convergence divergence indicated the price momentum and overall price action of the coin.

MACD continued to show bearish signals with red signal bars, which were a sell signal for the coin. By contrast, Chaikin’s money flow measures of capital inflows and outflows were positive.

CMF continued to be positive as capital inflows were higher as seen in the indicator. There was a drop in the CMF indicator, indicating that the bears are closing in on Bitcoin.



This post Bitcoin Price Rejected $20,000, Have the Bulls Lost Steam Again?

was published first on https://www.newsbtc.com/news/bitcoin-price-rejected-20000-have-the-bulls-lost-steam-again/

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