A crypto enthusiast who goes by the name Austin shared on Twitter this morning that the past 490 days have been Bitcoin’s (BTC) worst performance period ever. Furthermore, technical indicators on the market leader’s daily chart suggested that the crypto may continue to underperform in the coming week.
If you are reading this,
You just survived #bitcoin worst performance period ever. pic.twitter.com/QKWSKUOR2H
— A u s t i n | Open Source Fitness (@_AustinHerbert) July 16, 2023
At press time, CoinMarketCap indicated that BTC saw its price drop by about 0.06% over the past 24 hours of trading, which left the market leader trading hands at $30,271.22. As a result, BTC was trading slightly closer to its daily low of $30,171.80 than its 24-hour high of $30,437.56.
Meanwhile, BTC’s 24-hour trading volume increased by just over 4% throughout the past day of trading. The negative daily performance also resulted in the crypto’s dominance in the market dropping by 0.01%. As a result, BTC’s market dominance stood at 48.50% at press time.
From a technical point of view, BTC was trading between the 9-day and 20-day EMA lines at press time. In addition to this, the two technical indicators were starting to close in on each other. Should the two EMA lines cross in the coming 24-48 hours, then a significant bearish flag will be triggered, which could result in BTC dropping below $30K.
Continued sell pressure may bring the leading crypto’s price down to $29,075 in the coming week as well. On the other hand, a daily close today between the 9-day and 20-day EMA lines may result in the formation of a bullish shooting star candlestick pattern.
Should this candlestick pattern be validated, the crypto’s price may overcome the next resistance level at $30,880 and potentially flip the level into resistance in the coming few days. This could clear a path for BTC’s price to rise to $31,500 in the next 48 hours.
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