The crypto market leader is still trading above $20,500 despite a 1.82% drop in price over the last 24 hours, according to the crypto market tracking website CoinMarketCap. This retracement follows after it was able to set a daily high at $21,283.31. Bitcoin (BTC) has also strengthened against Ethereum (ETH) by 0.88% during this time period.
Daily chart for BTC/USDT (Source: CoinMarketCap)
A bearish signal has flagged on BTC’s daily chart as the the daily RSI line recently crossed below the daily RSI SMA line. Even though this bearish flag was signaled, the daily 9 and 20 EMA lines still show that BTC has some bullish momentum present on its daily chart.
Weekly chart for BTC/USDT (Source: CoinMarketCap)
Looking at the weekly chart for BTC/USDT, the price of BTC has risen above the weekly 9 EMA line and looked to challenge the weekly 20 EMA line, where it was met with some resistance that pushed BTC’s price down slightly.
The weekly chart for BTC/USDT is somewhat bullish as the weekly RSI line crossed above the weekly RSI SMA line and has maintained its position for the last several weeks.
Given the current situation on BTC’s weekly and daily charts, it’s fair to say that BTC’s price will attempt to make a bullish move over the coming week or two. However, it will need to overcome the weekly 20 EMA level which is currently sitting at $22,523.55 before it can confidently enter into a bullish move that will see its price climb to $30k.