Binance CEO Changpeng Zhao, “CZ”, highlighted the impressive performance of Bitcoin (BTC) over the past year in an X post earlier today. According to the post, the market leader was trading hands at $15,588 a year ago today.
#bitcoin was $15,588 a year ago today. You are so “lucky” if you bought or held. 👍 pic.twitter.com/LKvkLhX96E
— CZ 🔶 Binance (@cz_binance) November 10, 2023
At press time, BTC’s price stood at $36,670.30 according to the cryptocurrency market tracking website CoinMarketCap. This was after the market leader achieved a slight gain of 0.30% over the past 24 hours, which pushed its weekly performance to over 6.30% as well.
Daily chart for BTC/USDT (Source: TradingView)
BTC’s daily gain does not tell the whole story, however, as the cryptocurrency soared to a high of $37,972.24 during the last trading day. Since reaching this point, BTC has retraced to trade back below the major $36,900 resistance level at press time.
Nevertheless, technical indicators suggested that BTC may reclaim a position above this threshold within the next 24-48 hours. Most notably, the daily Moving Average Convergence Divergence (MACD) line crossed above the MACD Signal line, suggesting that BTC’s positive trend may continue.
Supporting the bullishness displayed by the MACD indicator was the Relative Strength Index (RSI) indicator. Over the past 24 hours, the daily RSI line crossed above the RSI Simple Moving Average (SMA) line, which signaled that buyers had gained the upper hand against bears on BTC’s daily chart.
Should these technical indicators be validated, BTC may look to flip the $36,900 resistance level into support in the next few days. However, the cryptocurrency failing to close a daily candle above the $36,900 threshold in the next 48 hours may invalidate the bullish thesis.
In this more bear scenario, BTC could look to retest the $34,100 support level. A break below this mark could subsequently put BTC at risk of falling to $31,400 if the sell volume persists.
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