Bitcoin price is now trading below $19,000 after the bulls failed to defend the coin at the aforementioned level.
Over the past 24 hours, Bitcoin is down 1.2%, indicating that the coin is trading sideways. In the past week, the price of bitcoin has fallen by 6%.
Buying power continues to decline on the intraday chart. Sellers took over, and it was the same for about a week.
If the bitcoin price continues this trend, the coin may drop to the immediate support area.
If the bulls are to defend Bitcoin at the current price level, the buyers should enter. The current support area for the coin is $18,500 – $18,000.
A drop below this level will cause the bitcoin price to drop below $17,000. The asset could drop to $16,000 and then to the $14,000 level. The recent dip in buying power will lead to a further decline in BTC on the 24-hour chart.
Bitcoin Price Analysis: 1 Day Chart
BTC is trading at $18,600 at the time of writing. The coin’s immediate resistance was at $19,000, and the bulls have failed to defend the coin at this price level for weeks now.
If the bitcoin price manages to surpass the $20,000 level, the bulls may be able to take responsibility. The closest support line for the coin was $18,000.
A drop below that means BTC touches $16,000 and then $14,000. The amount of bitcoin that was traded decreased in the last session, which means that buying power has decreased.
On the 1-day chart, BTC showed that there is demand at lower levels. Technical indicators also indicated that the number of sellers outnumbered the number of buyers.
The RSI was below half of the line, indicating increased selling power.
Bitcoin price was below the 20-SMA line, meaning that sellers were driving the price momentum in the market as there was lower demand for Bitcoin on the intraday chart.
BTC described increasing selling pressure, which was dragging the coin to its nearest support line. The technical outlook indicates more currency selling pressure.
Moving average convergence divergence indicates price momentum and the overall price movement of a currency.
The MACD underwent a bearish crossover and formed a red histogram, which acted as a sell signal for the currency. The Directional Movement Indicator was negative as the -DI line was above the +DI line and this showed that the bears were controlling the currency.
The average trend indicator (red) was moving above the 20 mark, which is a sign of Bitcoin’s bearish momentum.