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Price of Bitcoin (BTC) Is Now Trading Above the 20-Day EMA Line

source-logo  coinedition.com 07 January 2023 10:27, UTC

Bitcoin (BTC), the crypto market leader, has gained some strength against the US Dollar over the last 24 hours, according to CoinMarketCap. At press time, BTC’s price has risen 0.86%. This has also added to its positive weekly performance, which now stands at 2.35%. As a result, BTC’s price currently stands at $16,942.91.

Bitcoin also occupies the number 2 spot on CoinMarketCap’s list of trending projects, placing it behind Solana (SOL and above Shiba Inu (SHIB).

The daily trading volume for BTC has dropped as we head into the weekend. At press time, total trading volume for BTC over the last 24 hours is down 2.67% – taking the total to $13,650,132,963.

Daily chart for BTC/USDT (Source: CoinMarketCap)

BTC’s price has been able to break above the 20-day EMA line and is now looking to do the same with the 50-day EMA line. However, the daily RSI indicator suggests that BTC’s price has reached a short-term peak, and that its price will either consolidate at this level or drop down to the 20-day EMA line again.

Currently, the daily RSI line is sloped negatively towards oversold territory. The daily RSI line is, however, positioned above the daily RSI SMA line. This suggests that a price drop from the current level will not be too big.

If BTC’s price is able to maintain its position above the 20-day EMA line when today’s trading session closes, then the bearish thesis will be invalidated, and BTC’s price will look to target the $17,210.05 resistance level.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.