The bearish cycle in the crypto market continues after a slight recovery in the last week. Bitcoin can rise again unless it breaks strong support near $18,750.
According to Coinmarketcap, Bitcoin is exchanging hands around $1458 with a 24-hour volume of $25 billion. BTC price is down 2.4 % over the last 24 hours. Currently bitcoin is holding first position, with a market cap of $370,580,340,792 USD. It has a circulating supply of 19,085,787 BTC coins as of now. Let’s take a look at the technical analysis of the coin.
Bitcoin can rise again. How?
Following a brief wave of recovery, the price of bitcoin was unable to overcome the $20,500 resistance in the last week. BTC made a top and began a new decline below the $20,000 mark. The $19,600 support area and the 21 simple moving average both clearly moved lower (H1). The bulls, though, were active close to the $18,750 area. On the hourly chart, a base was created and the price corrected above the $19,200 region and a corresponding negative trend line.
The first significant resistance to price growth is located at the $19,850 mark, above which Bitcoin can rise toward the $20,500 resistance. If not, it may go back to $18,750. DYOR.