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Bitcoin weak and directionless – next stop $17,000?

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The Bitcoin price has moved south on the four-hour chart over the past 24 hours. Only recently, Bitcoin has risen above the $ 20,000 mark. However, the bears were unable to hold the asset there.

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In the last 24 hours, the coin has been consolidating on its chart for the most part. In the past week, on the other hand, BTC has fallen by 9%. The lower demand, in turn, pulled the price of the crypto currency below the immediate resistance mark.

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The technical prospects for the coin are bearish – especially given the fact that the sellers are currently (at the time of writing this article) active in the market.

If the buyers do not return to the market, the Bitcoin-Price traded near its next price level. He will strive for a level of support below it.

It is important that the coin moves above the price level of $ 20,000 in the next trading sessions, otherwise it threatens to fall below the price level of $ 18,000.

Overall, the markets are not looking particularly bullish: the global market capitalization of cryptocurrencies today stands at $ 996 billion, with a negative change of 2.7% over the past 24 hours.

Bitcoin Price Analysis: Four-Hour Chart

On the four-hour chart, the Bitcoin price is at $20,600 / Source: BTCUSD on TradingView

At the time of writing this report, BTC is trading for $20,200. For the most part, over the past 24 hours, the coin has been struggling below the $20,000 mark.

At the moment, the digital asset is still quite unstable. However, it remains to be seen how long the Bitcoin-Price can stay above this mark.

The next stop for BTC, if it does not trade near the next resistance mark, is at $18,000. The overhead resistance for the coin was $21,100.

If BTC rises above it, the next attempt would be to reach the $22,000 mark. If BTC does not immediately move back above the $ 18,000 mark, even a drop to $ 17,000 is likely.

Technical Analysis

Bitcoin shows a decline in purchasing power on the four-hour chart / Source: BTCUSD on TradingView

BTC has shown increased selling strength with falling prices. This indicates that there is demand at lower price levels.

The technical indicators also showed an increased bearish momentum. The Relative Strength Index, for example, was below the midline. This means that there are more sellers than buyers in the market.

The Bitcoin-Price, on the contrary, was below the 20 SMA line. This suggests that sellers are driving price dynamics in the market.

Bitcoin shows the decline in capital inflows on the four-hour chart / Source: BTCUSD on TradingView

The other technical indicators of the coin also indicate on the four-hour chart that the purchasing power has increased:

  • The moving average Convergence divergence (Moving Average Convergence Divergence) indicates the dynamics and the change in the price trend of the coin. The MACD was still positive with green histograms on the half-line. This indicates a buy signal.
  • The Chaikin Money Flow signals capital inflows and outflows. The CMF was above the midline. This signals that capital inflows have just exceeded capital outflows.

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