Despite the attempts of the BTC price to resist, it is gradually decreasing. The bulls do not have the strength to contain it and recover it. The bears totaly control the market and stop any price attempts to start a recovery. Today, the BTC/USD pair once again fell below 20,000. It stayed below this mark for several hours and then returned above 20,000 again. At the time of publication, the BTC/USD pair is trading near the 20,000 area.
On the hourly chart, the situation has changed a lot. The BTC/USD pair is trading well below the 100 hourly moving average. And the RSI is forming below 50 and showing a downward direction.
Last time, the 19,800 mark already stopped the fall of the BTC/USD pair, apparently, this time, this level also supported the pair and allowed it to bounce up. How long. If BTC/USD falls below the 19,800 support level, it will move further towards 19,400. A moving below this level will send the BTC/USD pair to the 19,150 area.
If we assume that the bulls still managed to avoid another decline in the price of Bitcoin, then the BTC/USD pair can improve its position by rising to the 20,380 area. Here the BTC/USD pair will receive the nearest resistance. The BTC/USD pair needs overcome the resistance area of 20,700-20,900 to continue ascending, . Moving above this area will allow the BTC/USD pair to rise to the 21,100 level.
