- BTC’s price has dropped 3.83% over the last 24 hours.
- The market leader has entered into a short-term bearish cycle.
- Bulls have stepped in today to rescue BTC’s price.
The crypto market leader experienced a 24-hour drop in price as the crypto market shed 3.54% of its collective market cap. According to CoinMarketCap, the price of Bitcoin (BTC) is down 3.83% over the last 24 hours. This negative 24-hour price performance has flipped BTC’s weekly performance into the red, as it now stands at -1.36%.
BTC’s price has entered into a short-term bearish cycle as the 9 EMA line has crossed below the 20 EMA line on BTC’s 4-hour chart. As a result, BTC’s price dropped to the major support level at $22,524.29. BTC’s price is now also trading below the 4-hour 9 and 20 EMA lines.
Bulls seem to be trying to elevate BTC’s price as the trading volume for the last 12-16 hours has been mainly buy volume. The RSI indicator on the 4-hour chart is also showing some early bullish signs, with the RSI line sloping positively toward the overbought territory.
Crypto analyst _Checkmate (@_Checkmatey_) tweeted a thread regarding the relationship between Bitcoin derivatives markets and spot/on-chain. In the tweet, the Twitter user stated that the two “speak the very same language.” He also went on to state that “critics of on-chain data are just plain wrong.”
The tweet included a chart from the blockchain analysis firm, Glassnode. According to the tweet, there is an obvious visual relationship present in the chart, and that is that when futures lever-up, spot is usually realizing profits. Conversely, spot is usually realizing losses when futures de-lever.
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 has entered into a short-term bearish cycle as BTC’s price drops below the 9 and 20 EMA lines on the 4-hour chart. Read more.){kind=link}