Bitcoin (BTC) could fall to this level if buyers don't intervene!

source:coinpedia.org/
The price of bitcoin is now hovering around $20,000 and has not changed significantly in recent days. The resistance level at $20,600 is proving to be a barrier to the price, which has already been rejected in shorter timeframes. In the following hours, the price is expected to have a hard time rising above this mark, and Bitcoin's downward trend could continue.

Following a recent break from another limited-range trend on August 26, the price of bitcoin currently exhibits tight congestion. The most traded volume level since 2022, BTC is already below the checkpoint (POC) at $21,535.
If buyers do not enter the market due to the current scenario in the cryptocurrency markets, another leg down will occur, pushing the Bitcoin price to the low range of $17,585. The buying pressure from investors of those trying to acquire BTC at a reduced price may be able to stop this 12% decline.

This is more likely to happen sooner than later from a chain point of view. According to IntoTheBlock's Global In/Out of the Money (GIOM) model, the resistance group at $23,629 is stronger than the immediate support level at $18,925.