Saturday, July 20, 2024

Market Watch Sep 24: Bitcoin loses bullish momentum, likely to drop to $17,000 mark.

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.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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