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Bitcoin enters the bearish market

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In a new downward trend, bitcoin traded beneath the $19,500 support.

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The price is currently trading below the 100 hourly simple moving average and the $19,200 mark.

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On the hourly chart of the BTC/USD pair, a break below a coinciding bullish trend line with support at $19,850 occurred.

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The pair now faces a short-term risk of moving towards the $18,000 support area.

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The level near $19,350 contains the next significant resistance.

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This is also where the recent slide from the $20,197 high to the $18,706 low has its 50% Fib retracement level.

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A closing over the $20,000 resistance might signal the beginning of a new rise.

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In such a scenario, the cost can possibly increase to $21,200.