Bitcoin (BTC) is trading down this Sunday (24), with its price experiencing a 1.5% devaluation in 24 hours.
The cryptocurrency is trading below $97,000 at the time of writing. With that in mind, should further declines be expected or will BTC be able to resume its upward movement?
Bitcoin has found a top?
After recording a new all-time high price of $99,645 last Friday (22), it seemed like it was only a matter of time before Bitcoin would surpass the $100,000 barrier. However, the price movement since then has been in the opposite direction.
In this sense, technical indicators point to warning signs. On the 4-hour chart, the price was trading below the 21-period exponential moving average (EMA) (orange) – something that had not happened since November 18. In addition, the support of the 9-period EMA (blue) was lost.
In parallel, the Relative Strength Index (RSI) is falling, forming a lower high and lower low than the previous ones. Thus, it is possible to see that the upward trend that began this month is showing signs of slowing down, with a macro top possibly having been formed.
Bitcoin (BTC) Chart on TradingView
However, it is not yet possible to say that Bitcoin has entered a correction phase. This is evident from the Fibonacci retracement indicator, which shows that the price has not yet tested the first retracement level of 0.382, at $95,454.
In this sense, the technical indicators on the 2-hour chart show that such a move is possible. At this time, the crossover between the EMAs mentioned above has turned bearish. In addition, the RSI is below 50, which shows that sellers have taken control of the short-term trend.
Bitcoin (BTC) Chart on TradingView
However, it is worth noting that the medium and long-term trend remains bullish as long as the cryptocurrency's price remains above the 0.618 level, at US$ 93,000, with new jumps possible after testing these levels. Thus, Bitcoin above US$ 100,000 remains a possible scenario, even if a correction postpones this target.
The article Bitcoin (BTC) Price Prediction: What to Expect Today? was first seen on BeInCrypto.
