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Bitcoin Price Analysis: Bitcoin climbs towards $16,899 after starting a new uptrend

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  Bitcoin

Bitcoin price analysis is recently bullish today, as the price has risen 1.21% in the past 8 hours to reach $16,899. The price is expected to reach $17,012, which is the resistance level, and if it crosses this point, it is likely to continue its upward trend. The support level is set at $16,398, which is the previous low.

24-hour trading volume has increased by 74% over the past few hours, indicating strong bullish sentiment in the market as it currently stands at a high of $24,241,799,806. The market capitalization also increased by 1.09%, which shows that investors are starting to take a more positive approach towards Bitcoin.

Bearish started today’s session with a strong bearish followed by an uptrend. It remains to be seen whether this will be a sustained rally or just another false breakout, however, if the uptrend continues and the price breaks through the current resistance, it is likely that further upside is possible in the near term.

Bitcoin Price Analysis: Bullish Indicators Across Daily Chart

On the 24-hour candlestick chart for Bitcoin price analysis, it can be seen that the price is forming an upside to push the price up to $16,899. A significant drop in the value of the coin has been reported over the past few days as the price has dropped significantly over the past week. The toll has been significant, but now there is an opportunity for recovery.

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Bitcoin/USD 1-Day Chart: TradingView

The indicators on the daily chart are all pointing towards an uptrend, with the Relative Strength Index (RSI) rising to 48.87, indicating that the bulls are beginning to take control of the market. The Moving Average Convergence Divergence (MACD) also shows a positive trend and the MACD line continues to rise above the signal line. Bitcoin is forming an ascending triangle on the daily chart, with the price crossing the critical 25-day exponential moving average (EMA) at $16,706.

Bitcoin Price Analysis 4-Hour Price Chart: Bitcoin/USD pulls back from highs as bulls take a breather.

The 4-hour price chart for Bitcoin price analysis shows the other side of the picture, as the bullish trend seen on the 1-day price chart has been reversed, as the price has declined over the past 24 hours. The bears are back at the start of today’s trading and have been steadily devaluing the coin. The digital currency has dropped to $16,398 after a recent reversal in trends. However, the balance of power remains on the upside as the price continues to trade on the upside.

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BTC/USD 4 Hour Chart: TradingView

The RSI on the 4-hour chart is currently at 39.64, showing a positive trend indicating that the coin’s momentum remains strong. The MACD line is still above the signal line and continues to rise, meaning the bulls are still in control of the market. Despite the correction, the bulls are still in full control and if the Bitcoin price analysis breaks above the 25-EMA at $16,706, we could see further upside. The EMA crossover is the main indicator that the uptrend is still intact.

Bitcoin price conclusion

Overall, the Bitcoin price analysis is moving in a positive direction and the bulls are still in full control. However, it can be seen that the price has been trading in a lower price envelope for the past few days, which has negatively affected the coin’s value. The recovery reported today is nominal and the 24-hour chart shows that the price is still correcting. Therefore, it remains to be seen whether BTC/USD can break above the $17,012 level in the coming hours.

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