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

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.

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.

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