In related news, the price of BTC stood at $26,841.28 at press time after it experienced a 0.31% price increase in the previous 24 hours. Despite this daily gain, BTC’s weekly price performance remained in the red at -7.24%, according to CoinMarketCap.

The $27K resistance level continued to stand its ground against the leading crypto’s price as BTC’s price failed to flip the level back into support over the past 24 hours. It was, however, able to reach a high of $27,052 yesterday evening. Unfortunately, the milestone was short-lived and the crypto’s price had retraced to a close of $26,853 just a few hours later.

BTC still has a chance of breaking above $27K in the next 48 hours, as it was trading above the 9 EMA line on the 4-hour chart at press time. Adding credence to this short-term bullish outlook is the fact that the RSI line on the 4-hour chart was trading above the RSI SMA line.

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