Bitcoin price is now trading below $19,000 after the bulls failed to defend the token at the above level.
BTC has fallen by 1.2% in the past 24 hours, indicating that the token is trading sideways. Bitcoin prices have fallen by 6% over the past week.
single-day chart continues to remain low. The seller took over, and it has been like this for almost a week.
If the price of Bitcoin continues to move in this direction, the token may fall to its direct support area.
If the longs have to defend BTC at the current price level, then the buyer must pass. The current support area for the token is between $18,500 and $18,000.
decline from this level will cause Bitcoin to fall below $17,000. The asset could fall to $16,000 and then to $14,000. The recent decline in purchasing power will lead to further declines in BTC on its 24-hour chart.
Bitcoin price analysis: One-day chart
Bitcoin price on the one-day chart is $18,600
At the time of writing, BTC is trading at $18,600. The direct resistance of the token is at $19,000, and the bulls have failed to defend the token at that price level for weeks.
If the price of Bitcoin manages to exceed the $20,000 level, the bulls may be responsible. The most recent support line for the token is $18,000.
fell below this means BTC hit $16,000, followed by $14,000. The number of Bitcoins traded on the previous trading day decreased, which means a decline in purchasing power.
Bitcoin's purchasing power declines on the one-day chart
Bitcoin's one-day chart, BTC shows that demand is at a low level. Technical metrics also indicate that there are more sellers than buyers.
relative strength index is lower than half line, indicating that the selling force is enhanced.
Bitcoin price is below the 20-SMA line, which means sellers are driving the market price momentum as demand for Bitcoin is reduced on the day chart.
Bitcoin depicts the sell signal on the one-day chart
BTC depicts the increased selling pressure, which has been dragging the token to the nearest support line. The technological prospects point to further selling pressure on tokens.
Moving average convergence divergence represents the price momentum and overall price trend of the token.
MACD experiences a bearish cross and forms a red histogram, which is the selling signal of the token. The directional motion index is negative because the -DI line is higher than the +DI line, which indicates that the shorts control the coin.
Average Direction Index (red) is above 20 points, which is a sign of Bitcoin’s bearish momentum.
