Bitcoin is in recovery mode but seems to have lost its bullish momentum as it slipped closer to the $19,000 mark. The popular cryptocurrency has displayed its volatile characteristic as it tried to regain the $20,000 level. BTC price produced three consecutive lower lows since September 7.
But the Relative Strength Indicator (RSI) has shown a positive rise demonstrating a lack of underlying bearish power. However, lack of confirmation indicates a possible reversal is in sight. Bitcoin price is climbing higher and continues to face hurdles. It will confirm a short-term shift favoring bulls, only if it overcomes the challenges.
At the time of writing this article, Bitcoin was down by 0.92% in the last 24 hours and was trading at $19,131 as per data from CoinMarketCap. Ethereum was holding at $1,324. In the last seven days, Bitcoin lost 3.91% of its value, while Ethereum lost 8.07%. The biggest movers of the week are Ripple’s XRP. It’s up by 42.86% in the last seven days. This is followed by the popular meme coin Dogecoin – gained 10.85% in the last seven days and 12% in the last 24 hours, respectively.
Coming back to Bitcoin, analysts believe its price is in a tight corner. It formed a swing low at $18,804 and rallied 7%. Now, the world’s number one cryptocurrency is grappling with the $19,405 to $19,599 resistance box. Analysts believe that if Bitcoin flips the $19,539 barrier into a support level and the RSI sustains above the 43 to 46 support box, its price would be primed for a move higher. Once this threshold is crossed, Bitcoin will face significant resistance confluence consisting of the $20,737 resistance level. This is combined with the declining trend line connecting the swing highs since May 31.
