At the time of publication, CoinMarketCap showed that BTC had lost 0.33% in the previous 24 hours. This has reduced BTC's weekly price performance to +0.49% at the moment. As a result, the price of BTC is currently $27,937.95.
Despite a 24-hour dip in the price of BTC, the market leader's dominance increased within the same time period. At press time, BTC's market dominance is assessed to be 45.83%, a 0.17% gain from yesterday.
The price of Bitcoin is currently consolidated between $26,552.21 and $28,159.32. Furthermore, the price of the cryptocurrency is being squeezed between the 9-day EMA line and the upper bound of this consolidation channel.
This squeeze will either cause BTC's price to launch a rapid rally in the next 24-48 hours and break through the $26,552.21 resistance level, or it will cause BTC's price to fall towards the bottom bound of the current price channel in the following days.
The latter appears to be the case, as BTC is currently trading below the 9-day EMA line. If BTC closes below this EMA line in today's trading session, the market leader's price may drop to the minor support level of $27,355.77 in the next 48 hours before sliding to $26,552.21.