- The global crypto market cap has risen over the last 24 hours.
- BTC’s price has climbed a slight 0.07% in the last day.
- Technical indicators suggest that BTC’s price will drop to the next support level.
The global crypto market cap has risen 0.17% over the last 24 hours according to the crypto market tracking website, CoinMarketCap. At press time, the global crypto market cap stands at approximately $812.81 billion. The crypto market leader has made a small contribution to the increased crypto market cap, as its price has risen 0.07% over the last 24 hours.
The price of Bitcoin (BTC) now trades at $16,882.56, which is also 0.59% up over the last 7 days. As a result of the slight price increase, BTC’s market cap now stands at $324,892,243,047. This ranks it well above Ethereum (ETH), which has a market cap of approximately $149,695,046,047.
Price action for BTC has entered into an ascending triangle chart pattern over the last 7 days. Although this was a bullish chart pattern, the setup failed to play out as BTC’s price has broken out of the pattern today.
BTC’s price is now being squeezed as the 9-day and 20-day EMA lines converge on each other. The next chart pattern that investors and traders need to keep an eye on is the medium-term descending triangle chart pattern that links the highs at $21,365.27 on November 6, 2022, and $18,387.95 on December 14, 2022.
This longer-term bearish chart pattern may play out in the next 3-4 days, which will result in a decline in BTC’s price. A downward move will see BTC’s price drop toward the next support at $16,693.96. If this support level fails to hold, then the next target will be $16,410.11.
The bearish thesis will be confirmed by the daily RSI line crossing below the daily RSI SMA line in the next 3-4 days.
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