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The crypto market leader is trading above $23,000 once again according to CoinMarketCap. At press time, the crypto market tracking website CoinMarketCap shows that BTC’s price stands at $23,090.39 following a 0.59% increase in price over the last 24 hours. This 24-hour increase has also been added to BTC’s positive weekly performance which now stands at +1.57%.
BTC also finds itself on CoinMarketCap’s trending list at the number 2 position. This places it behind Aptos (APT) and one position above Polygon (MATIC).
The price of Bitcoin is being squeezed between the 9 EMA line and the resistance level at $23,321.36 on its 4-hour chart. This squeeze may result in a breakout in the coming 24-48 hours. This belief that a breakout will occur is supported by the fact that the market is waiting in anticipation of the JOLT’s Job Openings announcement which will be made later today.
Technical indicators on BTC’s 4-hour chart suggest that the breakout will be toward the downside as the RSI indicator on BTC’s 4-hour chart is flagging bearish. Currently, the RSI line is positioned below the RSI SMA line.
Another indicator that supports the bearish thesis is the 9 EMA line on BTC’s 4-hour chart. Currently, the 9 EMA is positioned bearishly below the RSI SMA line.
In the case of a bearish move, BTC’s price will likely target the support at $22,436.34. On the other hand, the bearish thesis will be invalidated if BTC’s price breaks above the resistance level at $23,321 before 3 pm (GMT + 2).
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.