Bitcoin could dip below the $20k soon as bulls failed to mount a challenge

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Bitcoin has done well over the past few days but failed to cross the resistance level above $21k.

BitcoinThe world’s leading cryptocurrency has been performing well for the past few days. The token has gained over 4% in value in the last 24 hours and is now trading above $20k for the first time this month.

The positive performance coincided with the broader cryptocurrency market. The crypto market has been bullish since the beginning of the week, with the total crypto market cap now closing at the $975 billion mark.

Bitcoin has been trading above the $20k level over the past 48 hours and failed to rally towards the $21,368 resistance level.

BTC is down less than 1% over the past 24 hours and if the bulls don’t take control of the market, it could slide below the $20,000 support level in the coming hours.

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BTC/USD 4-hours chart remains bullish despite bitcoin’s poor performance over the past few hours. However, technical indicators suggest that Bitcoin could turn bearish if the current momentum is maintained.

BTC/USD chart by TradingView

The MACD line is forming above the neutral zone, which is indicating a bullish trend for Bitcoin. The 14-day RSI of 62 also suggests that Bitcoin could enter overbought territory if a sustainable rally can be achieved.

At press time, trading on btc $20,205 per coin. If the bulls do not take control of the market, bitcoin could fall below the first major support at $19,581 before the end of the day.

However, the second key support level at $19,026 should turn further downside in the near term.

The bulls are likely to gain control of the market and push BTC towards the $20,819 resistance area. In the event of an extended rally, BTC is likely to rise above the $21,368 resistance area in the near term.

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