Bitcoin price has been losing its strength over the last 24 hours. The coin has continued to face rejection at the $21,000 mark, causing the bulls to lose their momentum.
Over the last 24 hours, the coin has lost 1% of its value, indicating that at the moment, BTC is consolidating on its chart.
The past week has been positive for Bitcoin price; however, the coin has lost most of its gains over the last trading session. It is possible for Bitcoin to again pick up momentum provided it clears its overhead resistance marks in the upcoming trading sessions.
The technical outlook of the coin has indicated that the price of the coin is still hovering within the bullish price region.
The demand for the coin might have fallen, but buying strength continues to remain in the positive zone at the time of writing.
If demand starts to pick up again, then BTC might be able to trade above its immediate resistance mark. At the moment, BTC’s local support line stood at $20,000 and then at $19,600. Falling from $19,600 will make it quite hard for the bulls to take over the chart soon again.
Bitcoin was priced at $20,300 on the one-day chart Source: BTCUSD on TradingView
BTC was trading at $20,300 at the time of writing. The coin has had a tough time moving past the $21,000 price mark, which is why the bulls kept losing their strength.
BTC can again reclaim positive price action if the coin goes past the $20,800 mark and then topples over $21,000 and trades there for the next trading session.
The coin has formed a bearish reversal flag pattern, which means a further extension of the downtrend. In that case, the first stop for BTC would be at $20,000. After which Bitcoin would trade at $19,600.
The bears will take over after the coin touches the $19,600 price level. The amount of Bitcoin traded in the past session fell, indicating that buying pressure was lowered too.
Bitcoin registered fall in buying strength on the one-day chart
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Originally published on Unchained.com. Unchained is the official US Collaborative Custody partner of Bitcoin Magazine…
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