5 months ago 3 min read

Will The Bulls Survive Another Bitcoin Price Drop Under $21,000?


As the bulls' momentum has waned over the past 24 hours, the price of bitcoin has continued to trade below the $21,000 price level. The coin's value decreased by 1.3% over the previous day.

The price of bitcoin has been holding steady at $21,000, a strong resistance. The bulls may lose more momentum and collapse below the closest support line if BTC maintains its sideways trajectory.

On the day chart, the coin's technical outlook is still favorable. The coin's demand marginally decreased. At the time of writing, it is still positive.

On the 24-hour chart, the buying strength for BTC was also encouraging. If demand starts to pick up a little bit, BTC may try to retest the $21,000 mark.

Moving clear to $22,000 will be made possible by a move above the $21,000 mark. The next possible trading range for BTC is between $28,000 and $22,000.

BTC may again approach the $22,000 level if it takes up the pace. Buyers must continue to have faith that Bitcoin bulls can advance north during the upcoming trading sessions.

Price Analysis of BTC on 1D Chart

At the time of writing, the price of BTC was $20,600. Over the past few trading sessions, the coin has been trading laterally.

BTC's Notable Support & Resistance on 1D Chart | Source: TradingView, anushsamal

It is crucial that the price of Bitcoin maintains its current support because if it did, the asset's price would fall, giving the bears more power.

Bitcoin must surpass the $20,800 price level in order to keep its upward momentum.

By reaching $21,600, which may turn out to be another significant resistance level, and moving above that level, Bitcoin can achieve $21,000 and then continue on to $22,000.

If the bullish trend is broken, BTC will fall to $20,300 and subsequently to $19,600.

The volume of Bitcoin exchanged in the previous trading session decreased somewhat, which suggests that buying power diminished slightly.

Technical Analysis on BTC

On the one-day chart, the altcoin has continued to exhibit strong buying activity. For the majority of this month, the coin's buying strength has been on the rise.

BTC RSI and SMA Indicators on 1D Chart | Source: TradingView, anushsamal

Despite a decline, the Relative Strength Index was still higher than 60. This indicated that at the time of writing, the coin was reporting more buyers than sellers.

The fact that the price of bitcoin was above the 20-SMA line also suggested that coin demand had been strong and that buyers were responsible for the market's upward price trend.

BTC SAR and MACD Indicators on 1D Chart | Source: TradingView, anushsamal

As the demand for the coin has been constantly strong, BTC was exhibiting bullish signals. The coin's price momentum and general direction are shown by the Moving Average Convergence Divergence.

The buy signal for the coin was created by MACD as green signal bars that were growing in size. The strength of the price trend is measured by the parabolic SAR.

The price was in an uptrend since the dotted lines were below the price candlestick.

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