BTC’s 24-hour trading volume is in the green zone, however, it currently stands at $13,889,022,607 after a more than 6% increase since yesterday. In terms of market cap, BTC stands at $432,439,033,180.
It also strengthened against its biggest competitor in the market, Ethereum (ETH) by about 0.54% over the last day. On the other hand, BTC is still down by more than 4% in the previous seven days. In addition to this, BTC was also in the red by more than $4 last month.
BTC is currently trading hands at $22,401.71 after a 0.07% increase in price over the last 24 hours. The crypto market leader was also able to reach a high of $22,497.00 and a low of $22,331.31 over the same time period.
A breakout to the upside would mean an increase in prices, potentially pushing prices as high as $1.10. Otherwise, if the bottom is breached, the price will fall to $0.80.
Most cryptos have rallied along with Bitcoin since the beginning of the year.
After recent consolidation, a few altcoins have failed to keep up with the pace of the market.
deviation and price rejection are among the reasons why some altcoins failed to sustain their momentum.
The third outlier was OSMOSIS (OSMO), which rebounded with the cryptocurrency market in early 2023, hitting $1.26 in the process. OSMO has fallen along with the rest of the cryptocurrency market during consolidation, and a unique development for OSMO is the falling resistance
NEO (NEO) was identified as one of the few cryptocurrencies that struggled during the period. Despite strong market momentum, the NEO downside resistance line established in June 2022 once again proved too strong for cryptocurrencies.
A downward price movement has pushed the token below resistance at $11.40. That qualifies the initial breakout as a deviation and threatens to force the FXS price toward the $8 region. Analysts think that if the token can turn around and climb above $11.40.
Frax Share (FSX) is among the top losers in this rediscovered market strength. After reaching $14.69 on February 9, FXS has been unable to push higher.
Bitcoin has had an impressive year, with most cryptocurrencies market rallying with it. The initial surge in January 2023 was universal, and almost all the altcoins registered gains.,a few altcoins have failed to pick up the rediscovered momentum.
BTC’s price is currently trading above the 9 EMA line on BTC’s 4-hour chart and is looking to cross above the 20 EMA line in today’s trading session. However, the 20 EMA line on BTC’s 4-hour chart is at the same level at the upper bound of the aforementioned bearish chart pattern
There is a bearish descending triangle chart pattern present on BTC’s 4-hour chart, with its base at the $21,500 support level. This bearish chart pattern suggests that BTC’s price may drop below the support level. Should this happen, BTC’s price will likely drop to $20,800.
As such, the price of BTC may retrace once it hits the 20 EMA line.
On the other hand, if BTC’s price closes today’s trading session above the upper bound of the bearish chart pattern, then the bearish thesis will be invalidated and BTC’s price will make a move towards $22,500.