Bitcoin Price Remains Within A Narrow Range, What’s Next For The Bears?

Bitcoin price has been moving within a restricted range for over a week now. The coin had attempted to move north over the past few days. However, it has not managed to trade near the $20,000 mark.

The movement of the Bitcoin price has mainly remained sandwiched between $18,000 and $20,000, respectively.

Over the last 24 hours, BTC slipped by 0.4%, confirming that there has not been significant price movement.

In the past week, BTC depreciated by 1.1%. Overall market strength has been choppy, which is why market movers have remained dull on their respective price charts.

The technical outlook of Bitcoin continued to side with the bears. Buying strength has remained low as a result of a slowdown in demand for Bitcoin.

According to its one-day chart, over the next trading sessions, Bitcoin is set to retrace further and trade close to the $18,900 price mark.

This support level marks a crucial price level for the coin as it will determine the next move of Bitcoin depending on the demand for the coin.

Bitcoin Price Analysis: One-Day Chart
Bitcoin was priced at $19,100 on the one-day chart Source: BTCUSD on TradingView

However, BTC still continued to display buy signal on the chart. However, those were declining and would soon be replaced by sell signal.

The Moving Average Convergence Divergence shows the price momentum and direction of the asset. MACD still displayed green signal bars, which were buy signal for the coin.

The Parabolic SAR also indicates the price direction of the asset. The Parabolic SAR was above the candlesticks, which meant that the price was bearish for the asset.

The indicator indicated that the price of Bitcoin was in a downward trend, which could be reversed if demand returned to the chart.

Related Reading: Bitcoin Price Still Consolidates, What Could Trigger A Nasty Drop

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