Bitcoin Price Struggles At $19,000, Bears To Continue Dominating?
September 20 2022 - 9:00PM
NEWSBTC
Bitcoin price plummeted consistently after it breached the $20,000
mark. Over the last 24 hours, the Bitcoin has registered very
little movement. In the past week, BTC lost close to 16% of its
value. BTC quickly attempted to recover from the $19,000 price mark
on its chart. However, the bulls couldn’t defend that price mark.
The closest support line for the Bitcoin price was $18,000. Bitcoin
has been on a consistent downtrend over the past few months. The
technical outlook of the coin pointed towards increased bearish
strength. Selling pressure continued to exceed buying strength on
the one-day chart. The $20,000 price mark will prove to be a strong
resistance mark. $20,000 is the key resistance mark for the Bitcoin
price. Increased buying power may provide the coin with some
temporary relief. The global cryptocurrency market cap today is at
$962 billion, with a 0.6% positive change in the last 24 hours.
Bitcoin Price Analysis: One Day Chart BTC was trading at $18,800 at
the time of writing. A few sessions before this, Bitcoin was
trading above the $19,000 price mark. The overhead resistance for
the coin was at $20,000, which BTC struggled to move past over the
past few days. A sharp decline in buying strength has caused BTC to
plunge further and quickly. If BTC moves above the $20,000 price
level, the bearish thesis could be invalidated. On the other hand,
lower demand for the asset can even drag Bitcoin price to $17,400.
A fall below that price mark could attempt to bring the price of
the asset to $14,000. The amount of Bitcoin traded in the last
trading session declined, signalling that sellers took over at the
time of writing. Technical Analysis The fall in buyers caused the
Bitcoin price to tumble further. There was a sharp fall in buying
strength just a week ago, and ever since, BTC has continued to
depreciate on its chart. The Relative Strength Index was below the
half-line, which meant that sellers were numerous as compared to
buyers. The Bitcoin price travelled below the 20-SMA line,
displaying a fall in demand. It also meant that sellers were
driving the price momentum in the market at the time of writing.
Related Reading: Bitcoin May Retest $20,000 Zone Before It Drops To
$18,000 Level Other technical indicators pointed towards a bearish
price signal. The Moving Average Convergence Divergence measures
the market momentum and overall price direction in the market. The
MACD underwent a bearish crossover and then displayed red
histograms, which were sell signal for the coin. On the other hand,
Chaikin Money Flow remained positive with an uptick above the
half-line. The indicator determines the amount of capital inflows
and outflows. At the time of writing, CMF displayed increased
capital inflows. Related Reading: ETH Backpedals After Hitting
$1,800 Ahead Of Merge Last Week Featured image from UnSplash,
Chart: TradingView.com
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