Bitcoin-BTC Price Correction Recorded Intraday low Below $19K, Wait for Rebound

Bitcoin-BTC price acted like a weak cryptocurrency in the market this week.
Market sellers continue to sell close to a declining trend in BTC price.
Speculators saw a drop in trading volume, which fell 21% overnight.

Investors are looking weary for the past several days due to low volatility in the crypto market. The price of the popular cryptocurrency Bitcoin-BTC has been fluctuating under broad ranges over the past 4 months. $18,000 BTC provided a pump in value; in contrast, swing traders have often booked gains of $20,000 over the past month.

Bitcoin’s swing high is slowly turning lower and this sharp decline connects to the downsloping trendline (bottom of the chart). Despite several attempts, the bulls have so far failed to break this important selling area. The recent accumulation also went wrong for the holders as the bears again pulled the crypto prices closer to $19K.

The hourly price chart takes support at $18,900. This zone flips as instant support. It seems buyers are ignoring the market, therefore, BTC is sideways. Against the USDT pair, BTC price stays at $19,132 at press time. However, trading volume fell 21% overnight, reported at $23.18 Billion.

This week is favorable for sellers as the BTC price has continuously fallen since Monday. In fact low volatility impacted this price recovery. As of now, crypto price moves lower, in fact, bears noted intraday low below the $19K but it has recovered now.

In terms of the daily price scale, all the significant moving averages are well above BTC price except the 20 DMA. For the past several days, the 20-day moving average has acted as a volatility red zone. Buyers need to break this bullish barrier at the earliest.

The daily RSI indicator has been trending lower since last two months. On the contrary in October it never goes below 40 level. This indicates sideways momentum for market leader Bitcoin.

Conclusion

Undoubtedly buyers are far from bitcoin crypto. Thus there is less volatility in the trading session of BTC. BTC price is approaching the $19,000 round level, in fact it has to break this level today. Any price below $19K could keep the crypto market weak for some time.

Resistance level- $20,000 and $22,500

Support level- $19,000 and $18,000

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.