The price of Bitcoin is trading at $27,170, down 0.26%.
The price of BTC has pulled back slightly below the daily high of $27,303. However, it was trading at a level closer to the daily low of $26,898. The trading volume of BTC also decreased by 17.71% in the last 24 hours, reaching a total of $12,181,870,753.
BTC/USD Daily Price Chart
From a technical perspective, BTC’s recent price increase may face the risk of falling below the medium-term bullish trend line of the cryptocurrency. At the time of writing, the price of BTC was trading at a level just above the positive trend line it had formed in the past few months. Additionally, it was trading below the 9-day and 20-day EMA lines.
The 9-day EMA line triggered a short-term bearish flag by crossing below the longer EMA line in the past 48 hours. If these downward technical indicators are confirmed, the market leader’s price could drop to the next support level of $25,788 in the next few days.
On the other hand, if the price of BTC manages to close a daily session above the 9-day and 20-day EMA lines in the next 48 hours, the downward thesis will become invalid. In this case, the cryptocurrency will turn the next important resistance level of $28,740 into support in the next 48 hours.
