If Bearish Momentum Continues BTC’s Next Target Would Be $16,539.00

It is up and down in the crypto market today, but the crypto market leader, Bitcoin (BTC), is one of the cryptocurrencies in the red for the day so far. According to the crypto market tracking website CoinMarketCap, BTC is currently trading at $17,486.50 after a 1.10% drop in price over the last 24 hours. The crypto king is, however, still in the green by about 1.60% over the last seven days.

BTC weakened against its biggest competitor, Ethereum (ETH), by 0.19% since yesterday, and its 24-hour trading volume is also in the red to now stand at $19,957,256,967 after a more than 23% drop. In terms of market cap, BTC now stands at $336,372,899,472.

Daily chart BTC/USDT (Source: CoinMarketCap)

The daily chart for BTC/USDT shows that BTC’s price is trading between the 9-day EMA and the 20-day EMA lines. The market leader’s price also wicked above and below both lines in today’s trading session so far.

There is heavy bearish sentiment present on BTC’s chart as the last two days have seen more sell volume than buy volume on Bitcoin’s chart. The daily RSI indicator also supports the bearish view on BTC’s chart.

Currently, the daily RSI line is trading below the daily RSI SMA line. The RSI line also sloped negatively towards oversold territory.

The latest negative movement in BTC’s price has made the coin rest on the daily support level at $16,952.00. If BTC fails to hold this level, then the next target that it will drop down would be at the $16,539.00 support level.

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