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Bitcoin Price Analysis: Bitcoin Breaks Above $16,592 Support to Create Bullish Outlook

 تاریخ انتشار :
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  Bitcoin

Recent Bitcoin price analysis shows a bullish trend for today as the coin has gained upward momentum since the start of the trading session. The price recovered to the $116,874 level as the bulls regained the lead after a sustained downtrend over the past few days. The price function was under pressure as the token’s price level was severely damaged, but the trend reversed today as bullish support emerged around the $16,592 support zone.

The current price action suggests that Bitcoin is headed for the next resistance level at $17,000. This is indicated by the fact that the bulls have succeeded in pushing the price above the $16,592 mark and will continue to do so until they reach their desired level.

Bitcoin/USD 1-Day Price Chart: Bulls take charge after a long downtrend

A 24-hour Bitcoin price analysis shows that the price has risen today, as the BTC/USD pair is trading at $16,874 at the time of writing. As the bulls lead the price action, Bitcoin is reporting a 1.12% increase in value over the past 24 hours, but on the other hand, the coin has still lost 0.62% over the past week. Trading volume increased by 18.77% and market capitalization increased by 1.14%, giving Bitcoin a 4.15% market dominance.

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Bitcoin/USD 1-Day Chart: TradingView

High margin volatility is on the rise for BTC. Bollinger Bands are expanding, the upper Bollinger Band is at $17,694 while the lower Bollinger Band is at $16,378. With the return of the upward movement and the resumption of buying activity, the relative strength index (RSI) also started to improve and reached 48.47 from the underbought area, which indicates a lot of buying activity. The moving average for 24-hour Bitcoin price analysis shows that the coin is maintaining its uptrend.

Bitcoin Price Analysis: Price action is expected to remain bullish

The 4-hour price chart for Bitcoin price analysis shows that the price break was bullish at the beginning of the trading session and has been bullish so far. However, the bullish activity helped the price to a large extent as it recovered to $16,874 with a swing high towards $16,906 seen today.

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BTC/USD 4 Hour Chart: TradingView

The moving average (MA) is below the price level at $16,795, completing the bullish move. Volatility is high because the upper Bollinger band is at $16,965, the lower Bollinger band is at $16,685, and the average Bollinger band at $16,825 is below the price level. The RSI is trading in an upward sloping curve at 48.84 indicating buying activity in the market.

Conclusion of Bitcoin price analysis

Bitcoin price analysis shows that a strong uptrend is taking place. The bulls successfully reversed the downtrend and pushed the price level higher. As the price approaches the $16.905 resistance, we can expect selling pressure. However, resistance is still much higher and the bulls have to cover more range to the upside to reach said resistance level.

While you wait for Bitcoin to move further, check out our price predictions on XDC, Cardano and Curve