Bitcoin Price Faces Tough Resistance Despite Recovery On The Chart

Bitcoin price continues to witness strong resistance around the $19,400 mark. Over the last 24 hours, the coin depreciated by 2.9%. At the beginning of this month, Bitcoin price had staged 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. Soon after that, BTC moved up on its chart two weeks ago. The technical outlook of the coin indicated that the bears hadn’t given up yet.

The bulls could return to the chart if the coin broke past its immediate resistance mark. Buying strength was lower on the chart, and only an increase in buying strength could move BTC upwards.

If the bulls manage to stick around over the next trading sessions, then BTC can move above the $20,000 price mark. The chance to rally near the $22,000 price level also can’t be called impossible once the bulls clear the $20,000 level.

Bitcoin Price Analysis: One-Day Chart
Bitcoin was priced at $19,190 on the one-day chart Source: BTCUSD on TradingView

BTC was trading at $19,190 at the time of writing. The coin had witnessed significant resistance at the $19,400 price mark. Moving past that level will help the coin gain momentum to move near the $21,000 resistance mark.

Once Bitcoin price touches the $20,000 level, the bulls could help BTC rally further. On the other hand, support for BTC was at $18,000 and a fall from that would push the coin to $17,400. If buyers don’t resurface over the next trading sessions, a fall to the $18,000 price zone looks likely.

Over the past trading sessions, the amount of Bitcoin traded dropped, indicating a slowdown in buying pressure.

Technical Analysis
Bitcoin experienced a rise in sellers on the one-day chart