The global crypto market cap has risen 1.44% over the last 24 hours according to the crypto market tracking website, CoinMarketCap. At press time, the total crypto market cap stands at $1.06 trillion.
One of the cryptos that have contributed to the rise in the global crypto market cap is the crypto leader, Bitcoin (BTC), itself. CoinMarketCap shows that BTC’s price has risen 1.59% over the last 24 hours. As a result, BTC’s price is trading above the $23k level at $23,077.22. This has also boosted BTC’s weekly performance to +9.54%.
Daily chart for BTC/USDT (Source: CoinMarketCap)
Looking at the daily chart for BTC/USDT, the price of BTC is resting on a mini support level at $22,778.00.
Technical indicators are still skewed in favor of BTC with the 9-day EMA line positioned above the 20-day EMA line. In addition to this, the daily RSI line is positioned above the daily RSI SMA line.
One thing that investors and traders should take note of is the fact that the Daily RSI SMA line may cross bearishly above the daily RSI line. Should this happen, then BTC’s price will likely break below the support at $22,778.00, which will ultimately result in a drop toward the major support at $21,352.00.
On the other hand, if the daily RSI line begins to break away from the daily RSI SMA line in the next 24-48 hours — subsequently preventing a bearish cross — then BTC’s price will either consolidate at, or bounce off, of the current support level.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their 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.