Bitcoin Price Rejected $20,000, Have The Bulls Lost Steam Again?

The Bitcoin price surged over the last 24 hours. However, the bulls have lost steam on the chart. The coin gained nearly 4% in the last 24 hours, but most gains were reversed at press time.

In the last week, BTC made no progress in terms of price movement.

Technical indicators were yet to reflect the minor bullish spell as the indicators remained bearish at the time of writing.

On one hand, sellers continue to dominate the market and, on the other hand, the bulls continue to defend the two crucial support levels of the coin.

The current support zone lies between $19,000 and $18,600. If the bulls make a comeback, then the coin can again touch the $20,000 mark.

A move above the $20,000 mark will help Bitcoin price propel above the $25,000 mark. The global cryptocurrency market cap today is $980 billion, with a 1.0% positive change in the last 24 hours.

Bitcoin Price Analysis: One Day Chart
Bitcoin was priced at $19,044 on the one-day chart Source: BTCUSD on TradingView

BTC’s movement showed that the coin was being dominated by the sellers at press time. The $19,000 price zone remains a high-demand zone.

This could make it harder for the bulls to climb back to the $20,000 price mark. The Relative Strength Index was below the half-line and that points towards a fall in buying strength and increased bearishness.

The Bitcoin price was below the 20-SMA line, and that meant sellers were driving the price momentum in the market. Increased buying strength could help Bitcoin rise above the 20-SMA line, helping the bulls to take over.

Bitcoin depicted sell signal on the one-day chart