Bitcoin Price Struggles Under €21,000, Will The Bulls Power Through Again?

Bitcoin price continues to remain below €21,000 over the last 24 hours as bulls have lost power. The coin lost 1.3% of its value over the past day. The bitcoin price is consolidating under the tough resistance of €21,000. BTC could drop to the nearest support line if the bulls maintain a sideways movement.

According to the one-day chart, the coin’s technical outlook remains positive. There was a slight drop in demand for the coin. At the time of writing, it remains positive. The 24-hour chart for BTC also showed positive buying strength. It is possible that BTC could revisit the €21,000 level if demand accumulates slightly.

It will take a move above €21,000 to clear the path to €22,000. BTC might trade between €28,000 and €22,000 at the following levels. The coin may also revisit the €22,000 mark if Bitcoin picks up its pace. During the next trading session, Bitcoin bulls need to remain confident of moving north.

Bitcoin Price Analysis

As of the time of writing, BTC was trading for €20,600. During the last few trading sessions, the coin has traded laterally. The price of Bitcoin should maintain its current support, as that would cause the bears to gain strength, pulling down the cost of the asset.

Technical Analysis

On the one-day chart, the altcoin continues to show positive buying strength. The coin’s buying strength has been on the rise for the majority of this month. Despite a drop, the Relative Strength Index remained above 60. This meant that at the time of writing, the coin had more buyers than sellers. The fact that the Bitcoin price was above the 20-SMA line indicated that demand for the coin was strong and that buyers were driving the market’s price momentum. 

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