Bitcoin price continues to face stiff resistance at $19,400. The currency has lost 2.9% of its value in the previous 24 hours. Bitcoin staged a small comeback at the beginning of this month but was greeted with selling pressure. At the time of writing, BTC is changing hands at $19,130.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin Price Faces Tough Resistance Despite Recovery On The Chart
This level drew buyers on the chart as the coin began to linger near the $18,000 price mark. BTC quickly climbed the charts two weeks later. The coin’s technical outlook showed that the bears had not given up yet. The bulls may return to the chart if the currency breaks through its immediate resistance level. Only an uptick in purchasing strength might propel BTC higher on the chart.
If the bulls can hold on for the next several trading days, BTC might break beyond the $20,000 barrier. Once the bulls clear the $20,000 barrier, a surge near the $22,000 price level is not out of the question.
BTC was trading at $19,130 at the time of writing. The coin had witnessed significant resistance at the $19,400 price mark. Moving past that level will help the coin gain momentum to move near the $21,000 resistance mark.
Once Bitcoin price touches the $20,000 level, the bulls could help BTC rally further. On the other hand, support for BTC was at $18,000, and a fall from that would push the coin to $17,400. If buyers don’t resurface over the next trading sessions, a fall to the $18,000 price zone looks likely.
Over the past trading sessions, the amount of Bitcoin traded dropped, indicating a slowdown in buying pressure.
As the currency struggled to advance over the immediate barrier, buyers began to lose confidence, and sellers grabbed control. The Relative Strength Index was below the half-line, indicating that buying strength was still modest on the chart.
If buyers ramp up the pace, Bitcoin may be able to test its next price barrier level. According to the same reading, the asset’s price was below the 20-SMA line, indicating that sellers were driving the price movement in the market at the time of writing.
BTC was controlled by sellers at the time of publication. The coin began to flash a sell signal, signaling that the price may fall much more.