The crypto market leader, Bitcoin (BTC), has dropped below to around $29,681.47 in the last 24 hours. This is according to CoinMarketCap.
The 24-hour price drop is around a 2.31% decrease in price over the last day. However, the weekly performance for BTC is still in the green as BTC’s price has posted 2.93% gains over the last 7 days.
The current market cap of BTC is $565.39 billion. This ranks it above the popular DApp development platform, Ethereum (ETH), with its market cap of $213.76 billion.
Given the 24-hour price dip of BTC, here’s what the week may hold for the number one project by market cap size.
Price of BTC held down by 9 EMA (Source: TradingView)
The last few weeks have seen the price of BTC on a decline towards the $30K level. The price of BTC then broke below the infamous support line to now trade at around $29,692.45. As things stand, there is a lot of sell pressure on BTC as the $30K level has now flipped to a resistance level.
There are a lot of projects that are at the mercy of BTC’s price movement. SHIB, XRP, and LUNA 2.0 are just some of the tokens that are waiting for BTC to undergo a short bullish rally in the coming week in order for them to post gains as well.
Given that the RSI line is below the RSI SMA line and the 9 EMA is below the 20 EMA line, the price of BTC is at a decisive point. Should BTC be unable to break above the $30K resistance early on in the week, the market may see it fall to around $25K to $27K. However, if bulls step in early on in the week, then BTC bulls may break the key resistance level and target $33K.
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Source: Cryptocurrency - investing.com
