Bitcoin Price Action Hints A Revisit To $18500; Buy Again?
A bear cycle within the descending triangle pattern has breached in between support of $19600. This breakdown should accelerate the ongoing selling pressure as the market sentiment is already in fear, with interest hikes in November. Thus, The potential downfall may plunge the Bitcoin price back to $18500.
Key points:
- The falling prices breached the 20-day EMA support
- A lower price rejection below the $19400 stall the buyers wrestling for trend control
- The intraday trading volume in Bitcoin is $16.8 Billion, indicating a 4.5% loss
Source-Tradingview
The Bitcoin price chart shows the formation of a descending triangle pattern. The coin price has retested the pattern’s barriers, i.e., descending trendline and $18500 neckline support, several times indicating the traders respect those levels.
Furthermore, the lower high formation within this pattern reflects the gradual decrease in bearish momentum. Thus, if the daily candle closes below the $18300 mark, the accelerated selling pressure will prolong the prevailing downfall and may plunge prices to $16500.
As of now, the Bitcoin price recently turned down from the combined resistance of the downsloping trendline and 20500. The resulting downfall fueled by the release of US unemployment data pulled the coin price below the local support of $19500.
However, the coin price tries to retest this breached resistance as a viable resistance. If the selling pressure persists, a downfall of 5% is possible to hit the $18500 bottom support.
On a contrary note, if the buyers break above the resistance trendline, the bearish thesis will get invalidated.
Technical Indicator
Relative Strength Index: despite a sideways price action, the daily-RSI slope shows a sustained rally indicating the buying activity rising at $18500. The evident bullish divergence in this indicator suggests a significant possibility for a trendline breakout.
Bollinger band indicator: The coin price trading above this midline support indicates the market sentiment is bullish. Moreover, the indicator’s midline support is trying to stall the ongoing downfall.
Bitcoin Price Intraday Levels
- Spot rate: $19489
- Trend: Sideways
- Volatility: Medium
- Resistance level- $20600 and $21800
- Support level- $19600 and $18500-18300
- Cardano’s Charles Hoskinson Addresses Allegations of Diverting Treasury Funds
- BlackRock Dumps Bitcoin and Adds Ethereum Amid Crypto Market Crash
- Huobi Founder to Launch $1B Ethereum Treasury Firm, Boosting ETH Demand
- Arthur Hayes Says Bitcoin Is On ‘Sale’ Following Decline To Four-Month Low
- Breaking: Trump Says China Tariffs Will Not Stand Amid Crypto Market Crash
- HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
- XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
- Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
- 3 Altcoins Defying the Market Momentum In October 2025
- Ethereum Price Prediction: Analyst Identifies MACD Bearish Pattern Despite $417M BitMine Buy
- Analyst Predicts XRP Price Crash to $2 as Open Interest Falls, Death Cross Nears
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
