- Bitcoin (BTC) has dropped below to around $29,681.47 in the last 24 hours.
- The 24-hour price drop is around a 2.31% decrease in price over the last day.
- TA shows that BTC’s price is at a decisive point.
The crypto market leader, Bitcoin (BTC), has dropped below to around $29,681.47 in the last 24 hours. This is according to CoinMarketCap.
The 24-hour price drop is around a 2.31% decrease in price over the last day. However, the weekly performance for BTC is still in the green as BTC’s price has posted 2.93% gains over the last 7 days.
The current market cap of BTC is $565.39 billion. This ranks it above the popular DApp development platform, Ethereum (ETH), with its market cap of $213.76 billion.
Given the 24-hour price dip of BTC, here’s what the week may hold for the number one project by market cap size.
The last few weeks have seen the price of BTC on a decline towards the $30K level. The price of BTC then broke below the infamous support line to now trade at around $29,692.45. As things stand, there is a lot of sell pressure on BTC as the $30K level has now flipped to a resistance level.
There are a lot of projects that are at the mercy of BTC’s price movement. SHIB, XRP, and LUNA 2.0 are just some of the tokens that are waiting for BTC to undergo a short bullish rally in the coming week in order for them to post gains as well.
Given that the RSI line is below the RSI SMA line and the 9 EMA is below the 20 EMA line, the price of BTC is at a decisive point. Should BTC be unable to break above the $30K resistance early on in the week, the market may see it fall to around $25K to $27K. However, if bulls step in early on in the week, then BTC bulls may break the key resistance level and target $33K.