- BTC, together with the majority of the crypto market, printed a 24-hour gain.
- At press, the market leader was changing hands at $27,202.39.
- Technical indicators on BTC’s chart suggested that its price would drop in the next 48 hours.
The crypto market leader Bitcoin (BTC) followed the same trend as the majority of the crypto market, which saw its collective market cap rise 0.35% over the past 24 hours. At press time, CoinMarketCap indicated that the collective crypto market cap stood at around $1.15 trillion. Meanwhile, BTC was changing hands at $27,202.39 following a 0.26% 24-hour gain.
BTC’s price had retraced slightly from its daily high of $27,303.86. Nevertheless, it was trading closer to its 24-hour high than its daily low of $26,898. BTC’s trading volume had also dropped 17.71% in the past 24 hours, which resulted in the total standing at $12,181,870,753 at press time.
From a technical perspective, BTC’s recent price increase may be short-lived as the crypto’s price was at risk of breaking below a medium-term bullish trend line. At press time, BTC’s price was trading slightly above the positive trend line which it had established over the past few months. Furthermore, it was also trading bearishly below the 9-day and 20-day EMA lines.
The 9-day EMA line had also triggered a short-term bearish flag by crossing below the longer EMA line in the past 48 hours. Should these bearish technical indicators be validated, the market leader’s price could drop to the next support level at $25,788 in the next few days.
On the other hand, if BTC’s price is able to close a daily session above the 9-day and 20-day EMA lines within the next 48 hours, then the bearish thesis will be invalidated. This will also result in the crypto flipping the next key resistance level at $28,740 into support in the following 48 hours.
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