The crypto and market education platform, IncomeSharks, took to Twitter to share some insights on the price of the crypto market leader Bitcoin (BTC). Well-known trader and CEO of Eight Global also took to the platform to share his opinion about BTC.
According to IncomeSharks, BTC’s dominance is still pushing up. Van de Poppe seems to agree with this as he stated in his own Tweet that BTC is “getting in the long zone”.
Bitcoin / Tether US 1D (Source: CoinMarketCap)
Data from the crypto market tracking website CoinMarketCap indicates that BTC is currently trading at $19,977.28 after a 0.90% drop in price over the last 24 hours since reaching a high of $20,294.39 over the same time period. Despite the crypto being down for the day, it is still in the green by more than 2% over the last week.
In addition to BTC being down for the day so far, it also weakened against its biggest competitor, Ethereum (ETH), by 0.73%. BTC’s 24-hour trading volume also took a bit of a knock as it is down by just over 18% and now stands at $29,243,355,660.
On the daily chart for BTC/USDT, the 9 Exponential Moving Average (EMA) line has recently crossed bullishly above the 20 EMA line. However, BTC’s price is currently resting on the 9 EMA line. Therefore, investors need to be cautious of entering into a long trade at this moment.
The Relative Strength Index (RSI) indicator also suggests that it may not be a good idea to enter into a long position over the weekend, as it is currently negatively sloped towards the oversold territory.
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Source: Cryptocurrency - investing.com
