Bitcoin Price Below Psychological Level $22,000; Is The Next Stop At $17,000?

Bitcoin price over the last 24 hours moved south on its four-hour chart. Very recently Bitcoin had rose above the $20,000 price mark but the bears failed to hold the asset at that price mark.

In the last 24 hours, the coin was mostly consolidating on its chart.

In the past week, BTC fell by 9%. There was substantial demand in the lower levels. The less demand in return was pulling the price of the crypto below the immediate resistance mark.

The technical outlook for the coin was bearish given how sellers were active in the market at the time of writing.

If buyers don’t return to the market, Bitcoin price will trade near its closest price level. It will aim for a support level underneath that.

It is important that the coin moves above the $20,000 price level in the next trading sessions else it would fall below the $18,000 price level.

The global cryptocurrency market cap today is $996 Billion, with a 2.7% negative change in the last 24 hours.

Bitcoin Price Analysis: Four-Hour Chart
Bitcoin was priced at $20,600 on the four-hour chart Source: BTCUSD on TradingView

BTC had depicted increased sell strength as prices fell. This indicated that there was a demand at lower price levels.

The technical indicators also displayed increased bearish momentum. The Relative Strength Index was below the half-line which meant sellers were more than buyers in the market.

Bitcoin price was below the 20-SMA line, this reading is an indication that sellers were driving the price momentum in the market.

Related Reading: WATCH: Bitcoin Versus DXY And The Dangerous TD9 Setup

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