The bulls have lost strength over the past 24 hours, so bitcoin price remains below the $21,000 price mark. In the past days, the coin lost 1.3% of its value.
Bitcoin price is consolidating below the tough resistance at $21,000. If BTC maintains a sideways movement, the bulls may lose further steam and drop to the nearest support line.
The technical outlook of the coin remains positive on the one-day chart. The demand for coins decreased slightly. However, it remains positive at the time of writing.
Buying strength for BTC was also bullish on the 24-hours chart. If demand picks up a bit, BTC could attempt a retest of the $21,000 level.
A move above the $21,000 level would clearly pave the way for a move towards $22,000. The next level that BTC can trade is between $28,000 and $22,000.
If BTC picks up momentum, the coin could also revisit the $22,000 mark. Buyers need to rest assured that bitcoin bulls will be able to move north in the next trading session.
Bitcoin Price Analysis: One Day Chart
At the time of writing, BTC is trading at $20,600. The coin is trading higher later in the last few trading sessions.
It is important that the bitcoin price does not lose its current support as this will push the price of the asset down, giving strength to the bears.
If Bitcoin is to maintain its bullish momentum, the coin will need to move above the $20,800 price level.
A move above that level would help bitcoin reach $21,000, surpassing $21,600, which could prove to be another major resistance point, and propel the coin to $22,000.
Loss of bullish momentum would push BTC down to $20,300 and then to $19,600.
In the last trading session, bitcoin has seen a slight drop in trading volume, indicating that the buying power has waned slightly.
The altcoin continues to display positive buying power on the one-day chart. The buying power for the coin has remained on an upward trend for most of this month.
The relative strength index was above the 60-mark despite the decline. This meant that the coin was registering more buyers than sellers at the time of this writing.
Bitcoin price was above the 20-SMA line, also a sign that the demand for the coin was positive and buyers were driving the price momentum in the market.
BTC was showing bullish signs as demand for the coin continues to be positive. Moving Average Convergence Divergence indicates the movement of the price and the overall direction of the coin.
MACD formed green signal bars, which were increasing in size, and they were buy signals for the coin. Parabolic SAR measures the strength of a price trend.
The dotted lines were below the price candlestick, which meant that the price was on an uptrend.