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Bitcoin Price Analysis: BTC Price Fails To Sustain Above $20000

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Bitcoin Price Analysis
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  • The number of address with more than 1 BTC has seen a slight decline. The asset price is currently trading near $19900.
  • BTC technical indicators are currently not in the favor of bulls. Meanwhile, there is a strong outflow from the exchanges

Cryptocurrency market has been bleeding from the last few weeks. The total market capitalization has seen a decline from $1 Trillion to $972 Billion in the past few weeks.There has been a strong outflow from the exchanges in the past few days.Meanwhile, the mining difficulty of the Bitcoin has seen a spike but the profitability of  the mining has observed has been in a downtrend. The overall market cap of the asset is $381,018,509,980.

The current market dominance of Bitcoin is 39.27%. The volume of Bitcoin has observed a decline of 12% in the last 24 hours. The volume to market cap ratio of the coin price suggests a consolidated momentum.

Technical Indicators Are Not Favoring The Bulls

                                 Source: BTC/USDT by Trading view

The weekly technical chart of the Bitcoin price suggests a downside trend for the future. On the daily chart, the asset price is near $19900. Meanwhile, Bitcoin is currently trading below its 50 and 100 Daily Moving Average. If the asset price jumps above 100DMA then a strong upside trend can be observed. The upside trend of the Bitcoin can be see a halt near $22000. Meanwhile, the downside trend of the price can see a halt near $18000.

RSI: RSI of Bitcoin is near 36 suggesting a consolidated trend in price. There is a negative slope in the RSI hinting a downside trend in price. The overall sentiment of the RSI is bearish.

Conclusion

Bitcoin has been seeing a strong outflow from the exchanges. The number of address containing more than 1 BTC has observed a decline. The asset price is currently consolidating and can move to a new high. One should do their due diligence before investing.

Technical Levels

Major Support:$18000-$18500

Major Resistance: $2200-$22500

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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