- The price of BTC is currently trading at $16,576.05 after dropping 1.70%.
- BTC’s price is attempting to challenge the resistance at $16,966.70.
- A successful challenge at the $16,966.70 level will provide BTC’s price with support from the 9 EMA.
The price of the crypto market leader, Bitcoin (BTC), is trading at $16,576.05 at press time according to the crypto market tracking website, CoinMarketCap. This constitutes a 1.70% drop in price over the last 24 hours.
Over the course of the last day, BTC was able to set a 24-hour high at $16,843.21 and a low at $16,430.11. The daily trade volume for BTC has also decreased by 4.03% over the same time period, taking the total to $33,400,688,424.
Daily chart for BTC/USDT (Source: CoinMarketCap)
BTC’s price is currently in the process of challenging the resistance at $16,966.70, and is being held down by the daily 9 EMA line. Should BTC’s price successfully break above this level and flip it into support, then the next resistance target will be $17,796.
A challenge at this level will see BTC’s price rest between the daily 9 and 20 EMA lines, adding the 9 EMA support to the challenge.
Whether or not the current challenge of the $16,966.70 resistance level will be successful cannot be guaranteed as the relative position of the daily 9 and 20 EMA lines, as well as the daily RSI and RSI SMA lines, indicate that there is bearish momentum present that BTC will have to overcome in this challenge.
A break above the daily 9 EMA line will be an early sign of the tides changing for BTC and momentum shifting in favor of bulls. On the other hand, the bullish thesis will be invalidated if BTC’s price is unable to break above the daily 9 EMA line before the start of the weekend.
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