Bitcoin is extremely choppy at the moment, with the coin down 7% in the past week. This is the fourth worst for Bitcoin as BTC lost almost 50% in the second quarter of this year. The cryptocurrency has seen its worst price decline since June.
Over the past few days, BTC has broken below $ 20,000 and reached $ 19,000. Continued decline in the BTC chart can push it to the nearest support line. Purchasing power has dropped significantly, leading to BTC falling to lower levels in the last 24 hours.
The bulls tried to revive the price and pulled the coin towards $ 22,000. But intense BTC sales pushed to $ 19,000.
The critical support level for the asset was $ 17,000. As the bears hit harder, the above level could be a possibility for BTC in the upcoming trading sessions.
The global cryptocurrency market cap today stands at $ 914 billion, an increase of 0.3% over the last 24 hours.
Bitcoin price analysis: a four-hour chart
BTC is trading at $ 19,000 on the four-time chart. The coin was already trading at the same level a few weeks ago and then tried to rally on the chart. The resistance for BTC was $ 20,000 and then $ 22,000.
BTC had strong resistance at $ 22,000 as the cryptocurrency has tried to trade above this level for a significant period of time. If BTC’s current price momentum is prevailing, $ 17,000 is only a matter of time.
The number of bitcoins traded significantly decreased and the bar was red. This shows the bearish factor on the chart. The sales pressure on the market has taken hold.
BTC saw a lack of buying pressure in the market. The Relative Strength Index was parked below the halfway line near level 40.
The indicator shows the purchasing power in the market. Despite the fact that the indicator showed an upward trend, buyers did not regain confidence in the asset.
Parabolic SAR shows the price direction and trend reversal of the cryptocurrency. The dotted lines above the candle indicated a bearish trend and a change in price direction in the market. This means a negative price action for Bitcoin.
BTC’s purchasing power has declined significantly. But on the four-hour chart, the coin is showing buy signals. For example, the Convergent Car Average Switch has completed a bullish crossover. This means that the price of the chart could rise sharply.
This resulted in green histograms on the MACD associated with buy signals on the chart. Although the indicator showed a buy signal, buyers were still struggling in the market. The Bollinger Bands reflect the price volatility of the asset.
The narrowing of bonds indicates future volatility in the market. The technical outlook suggests that the price of BTC could continue to fall and move towards $ 17,000.
Text credit: Newsbtc
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