- Bitcoin secures spot on CoinMarketCap’s trending list with 0.91% surge.
- BTC failed to reverse weekly and monthly trends to positive territory.
- BTC’s 4-hour chart shows promising signs of a bullish technical flag.
Bitcoin (BTC), the reigning champion of the crypto market, has secured a coveted spot on CoinMarketCap’s trending list with a 0.91% surge in price over the last 24 hours. At the time of writing, BTC is valued at approximately $26,725.02, cementing its position as a formidable force in digital currencies.
Although BTC showed promising performance in the last 24 hours, it failed to reverse its weekly and monthly trends to positive territory. The crypto witnessed a decline of 0.56% over the past seven days and a significant loss of over 7% in the last month.
Despite its efforts, Bitcoin’s performance must be improved to outshine its primary rival, Ethereum (ETH). BTC is trailing behind the altcoin leader by a mere 0.02%.
BTC’s 4-hour chart shows promising signs of a bullish technical flag, with the 9 EMA line poised to cross above the 20 EMA line. If this occurs, the leading cryptocurrency could break through the resistance level at $26,850 and establish it as a new support level, and this would pave the way for BTC to climb towards its next major resistance at $27,450. These developments are worth monitoring closely for investors and traders alike.
The validation of this optimistic hypothesis hinges on BTC’s ability to secure a closing price above the $26,850 mark in the next 24 hours. However, if this feat proves unattainable, the price of BTC may face the peril of a decline towards the next pivotal support level at $26,350.
Investors and traders must pay close attention to the RSI indicator on the 4-hour chart, as it serves as a crucial technical indicator. Currently, the RSI line is exhibiting a negative slope towards the oversold territory and appears to be on the verge of crossing bearishly below the RSI SMA line. It is imperative to keep a watchful eye on these developments to make informed investment decisions.
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.
