Bitcoin price is now trading below the $19,000 level after the bulls failed to defend the coin at the aforementioned level.
Over the past 24 hours, BTC has fallen 1.2%, indicating that the coin is trading sideways. Over the past week, the Bitcoin price has depreciated by 6%.
Buying strength remained weak on the one-day chart. The sellers have taken over, and it’s been the same for almost a week.
If Bitcoin price continues in this direction, the coin could fall into its immediate support zone.
If the bulls are to defend BTC at the current price level, the buyers must pass. The current support zone for the coin is $18,500-$18,000.
A drop from this level would send Bitcoin below $17,000. The asset may drop to $16,000 and then further down to the $14,000 level. The recent drop in buying strength will drive BTC further lower on its 24-hour chart.
Bitcoin Price Analysis: One-Day Chart
BTC was trading at $18,600 at the time of writing. The coin’s immediate resistance was $19,000, and the bulls have failed to defend the coin at this price level for weeks now.
If Bitcoin price manages to break above the $20,000 level, the bulls might be able to take matters into their own hands. The closest support line for the coin was $18,000.
A drop below means BTC hits $16,000 and then $14,000. The amount of Bitcoin traded in the last session has decreased, leading to a drop in buying strength.
On the one-day chart, BTC showed that there was demand at lower levels. Technical indicators also suggested that sellers outnumbered buyers.
The relative strength index was below the half line, indicating increased sales strength.
The price of Bitcoin was below the 20-SMA line, which meant that sellers were boosting price momentum in the market as demand for Bitcoin declined on the 1-day chart.
BTC represented increased selling pressure, which drove the coin towards its closest support line. The technical outlook indicates further selling pressure for the coin.
Moving Average Convergence Divergence indicates the price momentum and overall price action of the coin.
The MACD underwent a bearish crossover and formed red histograms, which was a sell signal for the coin. The Directional Movement Index was negative as the -DI line was above the +DI line and this showed that the bears were in control of the coin.
The average Directional Index (red) was moving above the 20 mark, and this is a sign of bearish momentum for Bitcoin.