Bitcoin Price Could Possibly Rally Provided These Levels Are Crossed
Bitcoin price has been defeated by the bears after it traded around the $20,000 mark for quite some time. Over the last 24 hours, the coin fell by 2.1% and in the past week Bitcoin price lost close to 5% of its value.
At the current moment, the coin was trading at the $19,000 price level.
The price of the asset has been directly tied to the U.S Federal Reserve hiking the interest rates. Bitcoin similarly continued to face selling pressure on its chart.
The technical outlook continued to demonstrate a fall in buying strength.
The price of the asset currently has been demonstrating consolidation on its chart. If the coin continues to display minimum price action, Bitcoin price could again drop to the $18,000 zone.
There is a tight zone within which the coin has been trading and without the help of the buyers, a move above the current resistance zone seems unlikely.
In such as case, the asset could travel south in a matter of the text trading sessions.