Bitcoin Price Witnessed Sharp Sell-Off, Further Volatility On Chart?

Bitcoin price has witnessed a sharp fall over the 24 hours and the reason for the same is unknown. The coin witnessed excessive selling pressure causing price to dip by 9% in the past day. Most gains that Bitcoin secured in a week were lost due to the recent price drop. Over the past weeks Bitcoin had continued to form an ascending trendline, it happens often that the coin witnesses a price breakout after moving in an upward trendline for sometime. Technical outlook for the coin painted a bearish picture as buying strength declined considerably in just a day. Bitcoin was unable to push itself above its resistance level of $25,500. This might have caused the crypto to lose momentum and break below the trendline. Push from buyers were lacking hence sellers had taken over. At press time the bears were back on the chart. The bears might bring in further losses for the coin if buyers don’t come to the rescue. Bitcoin Price Analysis: Four Hour Chart BTC was trading for $21,200 at the time of writing. Over the last 24 hours, the coin lost 9% of its market value as it broke below the trendline. The inability to push over the resistance level of $25,500 could have caused it to lose its positive momentum on the chart. Overhead resistance for the coin is at $22,000, if Bitcoin manages to rise over the aforementioned then the other resistance mark stands at $23,000. A fall from the current price level will drag Bitcoin price to $20,...