Bitcoin’s Price Has Some Technical Challenges to Overcome

• The price of BTC has hardly moved over the last 24 hours.
• BTC’s price has retraced slightly after reaching a daily high of $16,961.79.
• Technical indicators suggest that BTC’s price will fall in the next 24 hours.

The price of the crypto market leader, Bitcoin (BTC), has risen by a small margin over the last 24 hours, according to CoinMarketCap. At press time, BTC is changing hands at $16,954.31, This is a 0.01% increase in BTC’s price over the last 24 hours. BTC has also strengthened against Ethereum (ETH) by 0.25% during the same time period.

After setting a daily high at $16,961.79, BTC’s price has retraced slightly over the last 24 hours. Despite the retracement, BTC price is still trading near its 24-hour high. The crypto’s daily low sits at $16,914.19.

Currently, BTC is trading above the 9-day and 20-day EMA lines. A bullish flag is on the verge of triggering, as the 9-day EMA is looking to cross above the 20-day EMA. This cross of the 2 EMA lines will only occur after BTC’s price breaks above the current resistance level at $16,977.81.

The daily RSI indicator is slightly bullish with the RSI line positioned above the RSI SMA line. The slope of the daily RSI line is, however, sloped neutrally.

Currently, BTC is trading above the 9-day and 20-day EMA lines. A bullish flag is on the verge of triggering, as the 9-day EMA is looking to cross above the 20-day EMA. This cross of the 2 EMA lines will only occur after BTC’s price breaks above the current resistance level at $16,977.81.

The daily RSI indicator is slightly bullish with the RSI line positioned above the RSI SMA line. The slope of the daily RSI line is, however, sloped neutrally.

The 3-hour chart for BTC suggests that the price of BTC will now be able to overcome the current resistance level. At press time, the price of BTC is resting on the 20 EMA line on its 3-hour chart. BTC’s price is currently being squeezed by the 20 EMA line on its 3-hour chart and the aforementioned resistance level at $16,977.81.

The RSI indicator on the 3-hour chart is also about to flag bearish as the RSI SMA line is about to cross above the RSI line. 

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