BTC Makes a Comeback After Recently Losing the $27K Support Level

Bitcoin 16 h    Reading time: ~2 m

Many cryptos printed gains in the past 24 hours according to CoinMarketCap. As a result, the collective crypto market cap stood at approximately $1.12 trillion, which was a 2.23% increase. The market leader Bitcoin (BTC) was no exception and had increased 1.67% during this same period. This boosted BTC’s price to $26,749.68 at press time.

BTC Makes a Comeback After Recently Losing the $27K Support Level0
4-hour chart for BTC/USDT (Source: TradingView)

This 24-hour gain does not tell the whole story of the significant amount of volatility that BTC experienced in the past day. The crypto’s woes started when its price lost the support of the key $27K level on Thursday evening. In the 8 hours that followed, BTC’s price had attempted to reclaim the support level but failed to do so.

Its price then continued to drop around 1.07% yesterday morning to a low of $26,100. Fortunately, BTC was able to make a slight comeback to close the morning’s session off at $26,311. It then consolidated up until yesterday evening. Shortly thereafter, BTC’s price made a strong +1.7% move up to retry a challenge at the crucial $27K mark.

BTC’s price was able to reach a high of $26,994 in the early hours of this morning – missing the price point by a measly $6. Since then, bears have reintroduced themselves and were forcing BTC’s price back down at press time.

Technical indicators on BTC’s 4-hour chart indicated that this latest attempt at breaking above $27K had lost some of its momentum. This is evident by the peak established in the RSI line on the 4-hour chart. Nevertheless, BTC’s price was able to reclaim the support of the 9 EMA line on the 4-hour chart, which was keeping bears at bay.

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.


Updated: 05/13/2023 — 23:00

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