Bitcoin Struggles At $19K, Is $17K The Next Target?

Bitcoin has been extremely choppy lately, the king coin lost 7% over the last week. This marks the worst quarter for Bitcoin as the coin shed close to 50% in the second quarter of this year. Post June, the cryptocurrency has noted the worst bearish price action.

Over the last few days, BTC broke below the $20,000 mark and touched the $19,000 level. Consistent fall on the chart can push BTC to the next support line. Buying strength lowered considerably pushing BTC to lower levels over the last 24 hour.

The bulls tried to revive on the chart and dragged the coin towards $22,000, however, intense sell-off dragged the coin to $19,000. The critical support level for the coin stood at $17,000 and as bears mauled harder, the aforementioned level could be a possibility for BTC over the upcoming trading sessions.

The global cryptocurrency market cap today is $914 Billion with a 0.3% increase in the last 24 hours.

Bitcoin Price Analysis: Four Hour Chart Bitcoin was priced at $19,000 on the four hour chart | Source: BTCUSD on TradingView

BTC was trading for $19,000 on the four hour chart. The coin previously traded at the same level some weeks back and then tried to recover on the chart. Resistance for BTC stood at $20,000 and then at $22,000.

BTC has witnessed stiff resistance at $22,000 as the coin struggled to trade above the same for a considerable period. If BTC’s current price momentum continues then $17,000 is just a matter of time.

Volume of Bitcoin traded declined significantly and the bar was in red displaying bearishness on the chart. The selling pressure had taken over in the market.

Technical Analysis Bitcoin displayed fall in buying strength on the four hour chart | Source: BTCUSD on TradingView

BTC registered dearth of buying pressure in the market. The Relative Strength Index was parked below the half-line, near the 40-mark. The indicator depicts buying strength in the market. Although the indicator noted an uptick, buyers had not regained confidence in the asset.

The Parabolic SAR demonstrates the price direction and trend reversal of the cryptocurrency. The dotted lines above the candlestick indicated bearishness and change of price direction in the market. This signified negative price action for Bitcoin.

Related Reading | Why Bitcoin Could Return To $28,000, But By The End Of 2022

Bitcoin flashed buy signal on the four hour chart | Source: BTCUSD on TradingView

BTC noted significant fall in buying strength but on the four hour chart, the coin flashed buy signals. The Moving Average Convergence Divergence, underwent a bullish crossover which meant that price could pick up briefly on the chart.

This formed green histograms on MACD, this is tied to buy signal on the chart. Although the indicator displayed a buy signal, buyers were still struggling in the market. Bollinger Bands portray price volatility of the asset.

The narrowing of the bands are tied to upcoming chances of volatility in the market. The technical outlook suggested that price of BTC could fall further and aim for $17,000.

Related Reading | Can This Bitcoin Ratio Have Hints For A Bottom?

Featured image from Unsplash.com, charts from TradingView.com