The technical outlook of the coin pointed towards increased bearish strength.
Selling pressure continued to exceed buying strength on the one-day chart. The $20,000 price mark will prove to be a strong resistance mark.
$20,000 is the key resistance mark for the Bitcoin price. Increased buying power may provide the coin with some temporary relief.
The global cryptocurrency market cap today is at $962 billion, with a 0.6% positive change in the last 24 hours.
Bitcoin Price Analysis: One Day Chart
BTC was trading at $18,800 at the time of writing. A few sessions before this, Bitcoin was trading above the $19,000 price mark. The overhead resistance for the coin was at $20,000, which BTC struggled to move past over the past few days.
On the other hand, lower demand for the asset can even drag Bitcoin price to $17,400. A fall below that price mark could attempt to bring the price of the asset to $14,000.
The amount of Bitcoin traded in the last trading session declined, signalling that sellers took over at the time of writing.
The Relative Strength Index was below the half-line, which meant that sellers were numerous as compared to buyers.
The Bitcoin price travelled below the 20-SMA line, displaying a fall in demand. It also meant that sellers were driving the price momentum in the market at the time of writing.
Other technical indicators pointed towards a bearish price signal. The Moving Average Convergence Divergence measures the market momentum and overall price direction in the market.
The MACD underwent a bearish crossover and then displayed red histograms, which were sell signal for the coin.
On the other hand, Chaikin Money Flow remained positive with an uptick above the half-line. The indicator determines the amount of capital inflows and outflows.
At the time of writing, CMF displayed increased capital inflows.
Source: NewsBTC.com[mailpoet_form id="3"]