Bitcoin price bulls run out of options as rejection at $19,500 threatens massive slide to $17,600

John Isige Bitcoin News PublishedDecember 16, 2020 | ModifiedDecember 16, 2020

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Bitcoin price bulls run out of options as rejection at $19,500 threatens massive slide to $17,600

  • Bitcoin market indecision continues, as resistance at $19,500 remains intact.
  • Bitcoin buyers plan to hold the fort at $19,000 as they prepare for a major liftoff to $20,000.

Bitcoin is still locked under the resistance at $19,500. A double-top pattern is still in place, as discussed on Tuesday. Sellers appear to be gaining momentum while buyers get exhausted by the day. As selling pressure intensifies, the hope of Bitcoin trading above $20,000 is dwindling, bringing to light the narrative that extended declines are likely to remain in the picture until January, perhaps due to investors realizing profits.

At the time of writing, the flagship cryptocurrency is doddering at $19,345. A recent rejection can be connected to the strengthening bearish grip. In the meantime, the least resistance path is downwards, as reinforced by the Relative Strength Index.

Bitcoin is required to continue holding the fort at $19,000. This way, the bearish outlook will be mitigated. Otherwise, action under this crucial support level is likely to see BTC/USD tumble to the 50 Simple Moving Average (marginally below $18,800). If the bearish leg overshoots this short-term support area, we can expect the bellwether cryptocurrency to dive towards last week’s support at $17,500.

BTC/USD 4-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

It is worth noting that the bearish outlook will be invalidated if Bitcoin broke out past the week-long horizontal resistance at $19,500. Trading above the psychological resistance at $20,000 may drive Bitcoin to astronomical highs as the fear of missing out creeps into the market.

Bitcoin intraday levels
Spot rate: $19,385

Relative change: -60

Percentage change: -0.32%

Trend: Bearish

Volatility: Low

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