Bitcoin (BTC) Continues Its Weekly Trend With a 24-Hour Gain

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• BTC’s price has risen 1.71% over the last 24 hours.
• There was speculation that a bearish retest was on the cards for BTC.
• The current bearish speculation was put to rest as BTC trades above $16,200.

The price of the crypto market leader, Bitcoin (BTC), has risen 1.71% over the last 24 hours according to CoinMarketCap. This has lifted BTC’s price to around $16,466.16 at press time. In addition, BTC’s price is now up 4.77% over the last 7 days.

Although BTC’s price has risen over the last 24 hours and over the last week, there is some speculation that there will be a potential bearish retest.

The Twitter user, Altcoin Sherpa (@AltcoinSherpa), shared his thoughts on BTC’s current price movement. He is also a trader that forecasted a bearish retest for BTC. However, he added that this bearish thesis will be invalidated if BTC is able to reclaim the $16.2k level, which it did.

Daily chart for BTC/USD (Source: CoinMarketCap)

The price of BTC is now being held down by the daily 9 EMA line. As a result, this technical indicator is now acting as a resistance level for BTC.

There is a slight bullish flag present on BTC’s daily chart as the daily RSI rebounded off of the daily RSI SMA line and is now positioned above the daily RSI SMA line. Furthermore, the daily RSI line is also sloped towards the overbought territory, which is a positive sign that traders may want to keep an eye on.

4-hour chart for BTC/USD (Source: CoinMarketCap)

The 4-hour chart for BTC is a bit more bullish than BTC’s daily chart as BTC’s price has broken above the 4-hour 9 and 20 EMA lines. In addition, the 4-hour RSI line has blown past the 4-hour RSI SMA over the last 12 hours. A sign that the bullish trend will continue will be the current 4-hour candle closing above the 9 and 20 EMA lines.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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