Bitcoin Price Faces Tough Resistance Despite Recovery On The Chart

Bitcoin price is still seeing strong resistance around the $19,400 mark. Over the past 24 hours, the value of the coin has decreased by 2.9%. At the beginning of this month, the price of Bitcoin saw a brief recovery but it was met with selling pressure.

After the coin started hovering near the $18,000 price mark, this level attracted buyers on the chart. Shortly thereafter, BTC rose on its chart two weeks ago. The technical view of the coin indicated that the bears had not yet given up.

Bulls can return to the chart if the currency crosses the immediate resistance mark. Buying power was lower on the chart, and only an increase in buying power could move Bitcoin higher.

If the bulls can survive the following trading sessions, BTC could move above the $20,000 price mark. The chance of a rally near the $22,000 price level also cannot be considered impossible once the bulls cross the $20,000 level.

Bitcoin Price Analysis: One Day Chart

Bitcoin price
Bitcoin is priced at $19,190 on the 1-day chart | source: BTCUSD on TradingView

BTC is trading at $19,190 at the time of writing. The coin saw significant resistance at the $19,400 level. A breach of this level will help the coin gain momentum to move near the $21,000 resistance mark.

Once the bitcoin price touches the $20,000 level, the bulls can help BTC move higher. On the other hand, BTC support was at $18,000, and a fall below that would push the coin to $17,400. If buyers do not reappear during the following trading sessions, the price will likely drop to $18,000.

Over the past trading sessions, the amount of bitcoin trading has decreased, indicating a slowdown in buying pressure.

Technical Analysis

Bitcoin price
Bitcoin sees higher number of sellers on intraday chart | source: BTCUSD on TradingView

The coin imagined that while it was struggling to move above the immediate resistance, buyers started losing confidence and sellers took over. The RSI was stalled below the half line, which means that buying power remained low on the chart.

If buyers accelerate the pace, Bitcoin could challenge the next price resistance level. According to the same reading, the asset price was below the 20-SMA line and this was an indication that sellers were driving the price momentum in the market at the time of writing.

Bitcoin price
Bitcoin starts showing sell signals on the intraday chart | source: BTCUSD on TradingView

At the time of writing, BTC is dominated by sellers. The coin has started displaying a sell signal, which indicates that the price could drop further.

The Moving Average Convergence Divergence shows the price momentum and direction, and the MACD underwent a bearish crossover and started showing the small red histograms, which was a sell signal.

Bollinger Bands illustrate the volatility of an asset. The bars are completely narrowing, which is an indication of an explosive incoming price movement.

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