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Bitcoin price is currently trading below $19,000 after the bulls failed to defend the coin at the above price.
Over the past 24 hours, BTC has fallen 1.2 percent, indicating that the coin is trading horizontally. Over the past week, the Bitcoin price has depreciated by 6%.
The buying force continues to remain low on the one-day chart. The seller has taken over, and it’s been the same for almost a week now. If the Bitcoin price continues in this direction, the coin could drop to the support zone immediately. The current support zone for this coin is $18,500-$18,000.
A drop from that level would cause Bitcoin to fall below $17,000. Bitcoin could even drop to $16,000 and then, to $14,000. The recent drop in buying power will cause BTC to fall even deeper on its 24-hour chart.
Bitcoin price analysis in one-day chart
BTC is trading at $18,600 at the time of writing. The immediate resistance level for the coin is $19,000, and bulls have been unable to defend that price for weeks now.
If the Bitcoin price surpasses the $20,000 level, the bulls may have control over the market. The nearest support line for this coin is $18,000.
Falling lower than that means BTC touched $16,000 and then $14,000. The amount of Bitcoin traded in the previous session has decreased and that means that purchasing power has also decreased.
Technical Analysis
On the one-day chart, BTC shows demand at lower levels. Technical indicators also show that sellers outnumber buyers.
The Relative Strength Index is below the half-line indicating that selling power is rising.
Bitcoin price is below the 20-SMA line and that means sellers are driving the price momentum in the market as demand for Bitcoin falls on the one-day chart.
BTC recorded increased selling pressure, which pulled the coin to its nearest support line. The technical outlook points towards further selling pressure on this coin.
The MACD has intersected in a downtrend and formed red charts, which are a sell signal for this coin. The DMI index is also not very positive because the -DI line is above the +DI line and that shows that the bears are controlling the coin.
The Average Directional Index (Red) is moving above the 20 mark and that is a sign of bearish momentum for Bitcoin.
See also: XRP Whale Continues To Accumulate When Market Sentiment Is Positive
