• Fri. Jul 19th, 2024

Bitcoin risks dropping below $19k soon: Can the bulls defend this psychological level?

Bitcoin could drop below the $19k support level over the coming hours as the leading cryptocurrency has been underperforming so far today.

Bitcoin, the world’s leading cryptocurrency by market cap, has been underperforming over the last 24 hours. BTC has lost less than 1% of its value over the past few hours.

The poor performance comes despite the broader cryptocurrency market recording gains in the past 24 hours. The total cryptocurrency market cap is above $920 billion, as the market has added more than 4% to its value so far today.

Ether, the second-largest cryptocurrency by market cap, is also down by more than 1% and is now trading below $1,300 per coin.

With Bitcoin currently experiencing losses, the leading cryptocurrency could slip below the $19k level for the first time this month.

Key levels to watch

The BTC/USD 4-hour chart is bearish, as Bitcoin has been underperforming over the last few days. BTC has lost more than 4% of its value in the last seven days and could record further losses over the next few hours and days. 

BTC/USD Chart By TradingView

The MACD line has been below the neutral zone since Friday, October 7th, indicating that the bears are currently in control of the Bitcoin market.

The 14-day RSI of 31 shows that BTC could soon enter the oversold region if the bearish trend continues.

At press time, Bitcoin is trading at $19,111. If the bearish trend is sustained, BTC could drop below the first major support level at $18,945 before the end of the day.

In the event of an extended bearish run, Bitcoin could trade around $18,700 for the first time in a month.

However, the broader market is bullish, and that could affect Bitcoin’s performance in the near term. If that happens, Bitcoin could make a move toward the $20k resistance level over the next few hours or days. 

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