BITCOIN PRICE ANALYSIS:BTC faces strong resistance at the $19500 level

Bitcoin has started an upward 

reversal against the US dollar over $19,000. BTC is still struggling to break through the $19,400 and $19,500 resistance levels.

Bitcoin's price started a sudden decline below the critical $19,500 support level. BTC continued its move below $19,000 and the 100 hourly simple moving average.

The price even dropped below $19,000 and tested $18,500. A low was formed near $18,527, and the price has recently started to rise. The price increased above the $19,000 resistance level. Price was pushed above the 38.2% Fib retracement level of the crucial drop from the $20,172 swing high to the $18,527 low by the bulls.

However, the bears remained aggressive at the $19,500 resistance level. On the hourly chart of the BTC/USD pair, there is also a major bearish trend line forming with resistance near $19,310.

According to Price Analysis, The market capitalization of this coin is estimated to be $405,874,752,801. The 24-hour trading volume for the same coin is around $32,771,236,231. Bitcoin market capitalization has risen by 3.02% in the last day to $19300 at the current approximate price. However, trade volume decreased by 22.27% during intraday trading. The market capitalization to volume ratio is 0.08867.

The first major resistance is located at the $19,500 level. The major hurdle is located between $19,500 -$19,600 level. Any further rises might push the price up to the $20,500 level. Above $20,500 BTC may touch $22,000 level soon.

If BTC fails to break $19500 major resistance, the price may continue to fall below $18,800. The next major support level is at $18,500, below which the price may accelerate downward. In the aforementioned scenario, the price may fall to $17,650 level.

KEY LEVELS :

RESISTANCE LEVEL : $19700-$20500

SUPPORT LEVEL : $18800-$18400