BTC’s Price Has Dropped Almost 1% After Mini Market-Wide Selloff

• BTC’s price has dropped 0.92% over the last 24 hours.
• The crypto market experienced a mini selloff late yesterday evening.
• BTC’s price is now resting on a medium-term positive trend line and may break below it.

The last 24 hours have seen the crypto market shed 0.79% of its total market cap according to CoinMarketCap. At press time, the total crypto market cap stands at $1.08 trillion, which is a 0.79% decrease.

The drop in the total crypto market cap follows after a mini selloff took place yesterday. This sell off saw the majority of crypto prices drop in a matter of hours. One such crypto is the market leader, Bitcoin (BTC).

Currently, the price of BTC is down 0.92% and is trading at $23,524.51 at press time. Despite the 24-hour drop in price, the market leader’s weekly performance is still in the green at +2.23%.

The price of BTC is trading in a consolidation channel on the 4-hour chart. The lower level of this price range is at $22,363.46, while its ceiling is around $24,039.65.

There is also a positive trend line which has been present on BTC’s chart since January 12, 2023. BTC’s price is currently resting on this line after dropping below both the 9 and 20 EMA lines on BTC’s 4-hour chart.

Short-term technical indicators for BTC are currently bearish. At press time, the RSI line on the 4-hour chart is positioned below the RSI SMA line. The RSI line is also sloped slightly negatively towards oversold territory.

Should BTC break below the positive trend line in the next 4-12 hours, it will drop to the lower level of the previously-mentioned price channel. On the other hand, should BTC’s price bounce off of the trend line before breaking below it then the market leader’s price will look to break the upper limit of the consolidation channel.

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