The Bitcoin price has failed to climb higher after rising to $21,478 over the weekend. BTC began the new week on a low note, falling 5.42% on the daily chart.
The Bitcoin price was $19,800 at
the time of writing, down nearly 5.76%. Despite bears pushing the price below $21,000 over the weekend, BTC is likely to encounter strong support in the coming week.
The latest drop is most likely the effect of cryptocurrency contagion caused by FTX's uncertainty following its recent dispute with Binance.
According to daily chart analysis, on November 5th, BTC reached a high of 21,478 and reached the upper line of the Rising channel pattern. The bulls failed to sustain after the bears grabbed this opportunity and took control and pushed the price down to the bottom of the Rising channel line.
Bitcoin's price fell below $20,000 and continued to fall. To avoid a significant drop in the near term, BTC must stay above $19,300. Bitcoin price made a swing high near $21,478 and has just begun a downward decline. BTC fell below the $21,000 and $20,500 levels.
The bears were able to push the price below the key $20,500 support level as well as the 100 four hour simple moving average.
The bulls, on the other hand, were active at $19,300. The price has hit a low of $19,345 and is currently consolidating gains. The price is now trading near $19,800 and the 200 four hour simple moving average.
On the upside, an immediate resistance level is at $20,000. The first significant barrier is located at the $20,250 level. A decisive break over the trend line resistance and $20,250 might send the price as high as $20,700. The next big resistance level is at $21,000, over which the price may move to the $21,500 zone.
If bitcoin fails to break over the $20,000 barrier, it may continue to fall. On the downside, the $19,400 support level. The next significant level of support is at $19,000. A decisive fall below the $19,000 support level might send the price further lower. In this situation, the price might fall to the $18,600-$18,500 range.
According to Price Analysis, The market capitalization of this BTC is estimated to be $378,593,150,779. The 24-hour trading volume for the coin is around $65,403,876,600. BTC market capitalization has fallen by 5.57%. However, trade volume increased by 65.73% during intraday trading.
KEY LEVELS :
RESISTANCE LEVEL : $20,000-$20,500
SUPPORT LEVEL : $19,200-$18,600
On the daily chart, BTC breached the top rising channel on November 5th, but bears outnumber bulls, dragging the price below $20,000. Currently BTC has touched the lower channel line. Will BTC breach the lower channel line or will it reverse back? Have you spotted the trend and are you trading at our level?
