BTC’s Price Drop May Continue if It Loses the Support of $26.8K

Bitcoin 1 h    Reading time: ~2 m

The crypto market leader Bitcoin (BTC) saw its price drop over the past 24 hours according to CoinMarketCap. After decreasing 0.31% over the past 24 hours, the crypto was changing hands at $27,123.93 at press time. Despite the negative price movement in the last day, BTC was still up 0.10% against Ethereum (ETH).

BTC was, however, able to establish a daily high of $27,317.05, but has since retraced. Meanwhile, its 24-hour low sits at $26,958. Not only did its price drop in the last day, but its 24-hour trading volume also saw a 30.15% decrease during this time. As a result, BTC’s 24-hour trading volume stood at $8,292,961,169.

BTC’s Price Drop May Continue if It Loses the Support of $26.8K0
4-hour chart for BTC/USD (Source: TradingView)

The 4-hour chart for BTC/USD showed that the crypto’s price had dropped below the 9 EMA and 20 EMA lines on the 4-hour chart over the past 24 hours. It had then proceeded to drop to the next key support level at $26,882, but rebounded from the level to challenge the 9 EMA line at press time.

Should BTC close a 4-hour candle above the 9 and 20 EMA lines within the following 12 hours, its price will most likely attempt to flip the $27,423 resistance level into support in the next 48 hours. Thereafter, BTC will have a clear path to climb towards the next major resistance level at $27,916.

On the other hand, failure to close above the 9 and 20 EMA lines within the next 12 hours will put BTC’s price at risk of dropping below the aforementioned support level at $26,882. Should this happen, then it will continue to fall to just above $26,444 in the following few days.

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: 06/04/2023 — 08:00

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