Bitcoin Price Optimism to Turn Bearish Again?
Bitcoin price has been growing weak over the last 24 hours. The coin faced rejection continuously at the $21,000 mark, making the bulls lose their momentum. The coin dropped 1% in the last 24 hours, hinting that BTC is consolidating on its charge at the moment.
Although the past week was quite positive for Bitcoin, the coin lost a significant amount of its gains over the last trading session. There is still room for Bitcoin to pick up momentum, given it clears its overhead resistance marks in the upcoming trading sessions.
The coin’s technical outlook has indicated that it is still hovering within the bullish prices. Although the demand for the coin might have fallen, buying strength continues to stay in the positive zone at the moment. If demand bounces back, BTC is unlikely to trade above its immediate resistance mark.
Currently, BTC’s local support line stood at $20,000 and then at $19,600. Dropping lower than $19,600 will make it tremendously difficult for the bulls to reign in again soon.
At the moment, BTC is trading at $20,300. It has had a hard time moving past the $21,000 price mark, which is also the reason why bulls kept losing their strength. BTC can regain positive price action given the coin surpasses the $20,800 mark and topples over $21,000, and thrives there for the next trading session.
The coin has formed a bearish reversal flag pattern, meaning a further extension of the downtrend. If such is the case, the first stop for BTC would be at $20,000. After which Bitcoin would trade at $19,600.
The bears will take over the chart once the coin touches the $19,600 price level. Bitcoins traded in the past session dropped, signaling a drop in the buying pressure as well.