Bitcoin Price Formed A Bearish Wedge Pattern, These Are The Crucial Trading Levels

Bitcoin price was consolidating yesterday. However, the asset has moved north over the last 24 hours. The coin registered 2.2% appreciation.

The crypto has now moved away from the $18,200 support level, although the aforementioned level continues to act as strong support for the Bitcoin price.

The technical outlook also pointed towards the bulls not taking over in the market. Buyers are still not strong in the market despite a slight increase in the Bitcoin price.

Bitcoin, even now, is consolidating between $18,000 and $24,000, respectively.

If the coin maintains the uptrend, then Bitcoin could aim above $19,600, which would bring the bulls back for the relief rally.

The asset also formed a descending wedge pattern, which is a sign of bearish price action. The global cryptocurrency market cap today is $968 billion, with a 1.1% positive change in the last 24 hours.

Bitcoin Price Analysis: One-Day Chart
Bitcoin was priced at $1,949 on the one-day chart Source: BTCUSD on TradingView

BTC was trading at $1,949 at the time of writing. The coin formed a descending wedge pattern, which was a sign of bearish strength. If the buyers don’t return to the market, then a fall to the $18,000 mark will be inevitable.

Overhead resistance for the coin stood at $21,000. If the bulls manage to break past that level, then the coin can rally over the next trading sessions.

Selling strength continues to dominate at the time of writing. A fall to the $18,000 price mark could again bring the Bitcoin price to $17,400.

Once BTC starts to drop to the above-mentioned level, the $16,000 to $14,000 price levels are also not far away for the asset. Over the last trading session, the amount of BTC traded increased slightly, signifying a slight rise in buying pressure.

Technical Analysis
Bitcoin noted an increase in buying strength on the one-day chart