Bitcoin regained the level of friction resistance of $20000 yesterday, but as the broader market became bearish, Bitcoin could not maintain.

Bitcoin, the world's leading cryptocurrency, has been in a low state in the past few hours. In the past 24 hours, although this week was mainly proactive, its value has already dropped by more than 7%.

The awkward main performance is the same as that of the wider cryptocurrency market. At this stage, the total amount of cryptocurrency market is less than 920 billion US dollars, down by more than 5% in the past 24 hours.

Bitcoin performed well, reaching the price of 20000 dollars earlier this week. However, empty orders once again control the market. The current transaction price of BTC is about US $18700 each.

Ethereum is the second largest cryptocurrency by market value. Earlier this week, it briefly raised the friction resistance of $1300. However, in the past 24 hours, it has dropped by more than 7%. At this stage, the transaction price of each coin is about 1280 dollars.

The key level to be monitored

With Bitcoin choosing to give up some of the profits accumulated earlier this year, the BTC/USD 4-hour chart has become bearish. Performance indicators show that Bitcoin is now in a downturn in the wider market.

BTC/USD data chart (by main view of purchase and sale)

The MACD line is still located above the neutral zone. If the bearish trend continues, it may quickly fall into negative areas.

In addition, the 14 day relative strength index value of 41 indicates that if empty orders come into power again, Bitcoin is likely to enter the oversold area.

As of the time of submission, the transaction price of BTC was US $18717. If the bearish trend continues, Bitcoin is likely to fall below the first key support line of $18298 within a few hours in the near future.

Bitcoin has been above 18 million dollars in recent weeks, and the two heads may defend its position above this price for a short time.

The duo may also manipulate the market again before the end of this week, and lead Bitcoin to the psychological level of 20000 dollars again.

However, unless there is a continuous upward trend, Bitcoin will need to bypass the pressure of $20819 in the next few days.

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