Bitcoin price plummeted consistently after it breached the $20,000 mark. Over the last 24 hours, the Bitcoin has registered very little movement.
In the past week, BTC lost close to 16% of its value. BTC quickly attempted to recover from the $19,000 price mark on its chart.
However, the bulls couldn’t defend that price mark. The closest support line for the Bitcoin price was $18,000. Bitcoin has been on a consistent downtrend over the past few months.
The technical outlook of the coin pointed towards increased bearish strength.
Selling pressure continued to exceed buying strength on the one-day chart. The $20,000 price mark will prove to be a strong resistance mark.
$20,000 is the key resistance mark for the Bitcoin price. Increased buying power may provide the coin with some temporary relief.
The global cryptocurrency market cap today is at $962 billion, with a 0.6% positive change in the last 24 hours.
Bitcoin Price Analysis: One Day Chart
Bitcoin was priced at $18,800 on the one-day chart | Source: bitcoin price struggles bears continue dominating
