Bitcoin price noted a sharp decline after the bulls were rejected at the $24,000 price mark a few days ago. Over the past week, the coin depreciated 7.6%. In the last 24 hours, Bitcoin price barely noted any movement. This indicated that the coin was trading within a consolidated price range.
The bulls are trying to re-enter the market but selling strength continues to increase. The coin however has managed to keep the price above the $21,000 support level. The technical outlook for Bitcoin has turned mixed, meaning there could be signs of reversal over the next trading session.
For a price reversal to successfully take place, buyers have to return to the market. BTC needs to soar past its immediate price ceiling of $22,000, else, a move to $20,000 will be incoming shortly. Demand for the coin has been low at higher levels and as long as that’s the case, BTC will continue to witness resistance.
Bitcoin Price Analysis: Four-Hour Chart
Bitcoin was priced at $21,600 on the four-hour chart Source: BTCUSD on TradingView
BTC’s constant mundane price action has pushed buyers out of the market. Buying strength was trying to recover but Bitcoin price has remained under the $22,000 mark for long enough. This has made the buyers underconfident.
The Relative Strength Index shot up above the half-line briefly and then fell back underneath it. This signalled more sellers at press time. Bitcoin price managed to climb above the 20-SMA line and display that buyers were slowly starting to drive the price momentum in the market.
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Bitcoin portrayed a buy signal on the four-hour chart
