Bitcoin Trades In A Narrow Range And Faces Rejection Of The High At $19,500

The price of Bitcoin (BTC) is in a downtrend as the largest cryptocurrency turns down from the 21-day line SMA. Buyers' recovery attempts failed as they were able to break the 21-day line SMA.

Timeline of Bitcoin

Bitcoin is facing hurdles to build its upward momentum and start a bull run, continuously falling below its resistance level at $22K. Crypto strategists and analysts have predicted a significant crash for Bitcoin this year, wiping billions of dollars from the crypto market.

Bitcoin on-chain indicators such as coin days destroyed and HODL waves suggest that BTC holders are hanging on and accumulating. The post Bitcoin Accumulation Phase Intact, Is a Bottom Finally In?

After a plunge of almost 20% between 15 August and 25 September, Bitcoin stabilized near the $19,000 level on Monday. However, Bitcoin whales kept dumping the world's most valuable crypto asset during the recent market correction, according to the data published by Santiment.

The biggest cryptocurrency in the world, Bitcoin (BTC), is still under a lot of selling pressure due to market uncertainty worldwide. The price of bitcoin fell below $19,000 over the last weekend, and analysts predict additional decline.

Early on Monday morning in Asia, Bitcoin fell below the US$19,000 barrier after bouncing around the resistance level all week. The majority of the top 10 cryptocurrencies by market capitalization, including Ethereum, lost ground.

Despite Bitcoin lacking a significant upward momentum, this has not dampened the spirits of hodlers because coins aged at least 3 months hit an ATH of 86.3%, according to Glassnode.

Bitcoin price continues to chop around $19,000 as the assert failed to attract liquidity from the strong hands over the weekend. The asset held firm above the crucial support levels at $18,400, indicating some strength remaining within the bulls.

There's little to celebrate in the markets this Monday morning, crypto or otherwise, with all major digital assets cutting a bearish path concurrent with the major UK and US indices. Ethereum lost another couple of percentage points over the weekend, dragging its market price below US$1,300.

Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) ended the week in the red, but some cryptocurrencies managed to buck the market slump induced by the Federal Reserve's Wednesday rate hike and clock significant gains. XRP (CRYPTO: XRP) surged over 27.26% to $0.4926 in the week ending Sept.

The world's largest cryptocurrency Bitcoin (BTC) continues to face strong selling pressure amid uncertainties in the global markets. Over the last weekend, the BTC price has slipped under $19,000 with analysts expecting further downside.