So far, the weekend has not been kind as most of the crypto market is in the red today. This comes following the release of strong US inflation and spending data yesterday. The crypto market leader Bitcoin (BTC) also experienced a price decline over the last 24 hours.
According to CoinMarketCap, BTC is currently worth about $23,121.92 after a 3.05% drop in price over the last day. The crypto also reached a low of $23,007.07 over the same time period.
BTC’s weak performance over the last day has impacted its weekly performance as the crypto king is now down by more than 5% over the last seven days. BTC also weakened against its biggest competitor, Ethereum (ETH), by about 0.10% over the last day.
Also in the red zone is BTC’s 24 hour trading volume which currently stands at $24,930,603,465 after a more than 13% decline since yesterday. In terms of market cap, BTC currently stands at $446,454,276,116.
Bitcoin / Tether US 1D (Source: TradingView)
At the moment, the crucial level for BTC lies at $23k. If the crypto drops below this level by the end of trading today, it is very likely that the price of the crypto market leader could drop to the next support around $22,645.
The 9-EMA (Exponential Moving Average) line for BTC is also moving bearishly closer to the 20-EMA line. If the 9-EMA line were to cross bearishly below the 2-EMA line within the next 24-48 hours, it will only cement this bearish thesis.
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Source: Cryptocurrency - investing.com
