Bitcoin weak and directionless – the next stop $17,000?

The price of Bitcoin has moved south on the chart four times in the last 24 hours. Bitcoin only recently rose above the $20,000 mark. However, the bears failed to keep the asset there.

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Over the past 24 hours, the coin has mostly been consolidating on its chart. Over the past week, on the other hand, BTC is down 9%. Lower demand, in turn, pulled the cryptocurrency price below the immediate resistance level.

The technical outlook for the coin is bearish, especially since sellers (as of this writing) are currently active in the market.

If the buyers do not return to the market, the bitcoin price will trade near its next price level. It will aim for a support level below.

It is important that the coin moves above the $20,000 price level in the coming trading sessions, otherwise it risks falling below the $18,000 price level.

Overall, the markets do not look special: the global market cap of cryptocurrencies stands at $996 billion today, with a negative change of 2.7% in the last 24 hours.

Bitcoin price analysis: four-hour chart

At the time of writing, BTC is trading at $20,200. Over the past 24 hours, the coin has mainly struggled below the $20,000 mark.

Currently, the digital asset is still relatively unstable. However, it remains to be seen how long the Bitcoin price can stay above this level.

The next stop for BTC is $18,000 where they are not trading near the next resistance level. Resistance above the base was $21,100.

If BTC gets above it, the next attempt is to reach $22,000. If BTC does not move back above $18,000 immediately, a drop to $17,000 is likely.

Technical Analysis

BTC has shown increased selling strength as prices fall. This suggests that there is demand for lower price levels.

Technical indicators also showed increased bearish momentum. For example, the Relative Strength Index was below the midline. This means that there are more sellers than buyers in the market.

Bitcoin price, on the other hand, was below the 20 SMA line. This indicates that the sellers are driving the price momentum in the market.

Other technical indicators of the coin show that buying power on the chart has increased four times:

• Moving Average Convergence Divergence shows momentum and change in coin price trend. The MACD was still positive with green histograms on the half line. This represents a buy signal.
• Chaikin’s Cash Flow indicates capital inflows and outflows. The CMF was above the mean line. This shows that capital inflows exceeded capital outflows.

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Text credit: Newsbtc

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