- Bitcoin experiences slight dip in price, trading at $27,123.93.
- BTC’s trading volume decreases by 30.15% in past 24 hours.
- BTC’s price may attempt to turn $27,423 resistance level into support.
According to CoinMarketCap, Bitcoin (BTC), the reigning champion of the crypto market, experienced a slight dip in price over the past 24 hours. The digital currency was trading at $27,123.93 at press time, marking a 0.31% decrease. However, despite this minor setback, BTC remained 0.10% ahead of Ethereum (ETH).
Bitcoin (BTC) reached a daily high of $27,317.05 but has since experienced a retracement. Unfortunately, the past 24 hours have not been kind to the cryptocurrency, as its price dropped and its trading volume decreased by 30.15%. As a result, BTC’s 24-hour trading volume currently stands at $8,292,961,169. Despite these fluctuations, the cryptocurrency market remains a dynamic and exciting space for investors and traders alike.
According to the 4-hour chart analysis of BTC/USD, the cryptocurrency’s value has recently fallen below the 9 EMA and 20 EMA lines. This decline led to a drop in price to the crucial support level of $26,882. However, the currency has since rebounded and is currently testing the 9 EMA line.
If BTC closes a 4-hour candle above the 9 and 20 EMA lines in the next 12 hours, its price will probably attempt to turn the $27,423 resistance level into a support level within 48 hours. This will pave the way for BTC to ascend towards the next significant resistance level at $27,916. A clear path to success will be established for BTC, provided it meets the criteria above.
In contrast, a failure to surpass the 9 and 20 EMA lines in the next 12 hours could jeopardize BTC’s current standing, causing it to dip below the established support level of $26,882. In such a scenario, the price may decline, settling just above $26,444 in the coming days. It is imperative to monitor these indicators closely to make informed decisions in the ever-evolving cryptocurrency market.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
