Bitcoin price analysis for today shows that BTC/USD is looking to move higher after correcting gains from a recent record high at $24,167. This pair forms higher highs and higher lows, which is a bullish signal and indicates that the price may rise further in the near future. BTC/USD is now trading at $23,907 after a strong bullish break above the $23,167 resistance level.
Trading volume has also increased over the past 24-hour period, totaling $34 billion worth of BTC/USD transactions. This indicates that investors are buying into the market and provides further evidence of an upward move. The market value of Bitcoin has also increased and reached 460 billion dollars.
Bitcoin/USD 1-Day Price Chart: Bitcoin receives positive market sentiment
The one-day price chart for Bitcoin price analysis shows that the coin rose today as it received positive market sentiment. Bitcoin has climbed from $22,877 to $24,167 today as the coin trades at the next value at the time of writing. BTC/USD has gained 3.66% in the last 24 hours and is now trading at $23,907.
The Relative Strength Index (RSI) indicates hot buying activity in the Bitcoin market as it trades on an upward curve at 79.81 in the upper half of the neutral zone and is close to the overbought zone. The Moving Average Convergence Divergence (MACD) indicator also shows more upside potential for the coin as the signal lines move away from each other and the histogram bars start to turn green. The moving average index is at 23290, which indicates a sideways movement in the short term.
Bitcoin Price Analysis: Bitcoin is targeting the $24,167 level
A 4-hour analysis of the Bitcoin price shows that the bullish momentum is very strong as the coin has been rising for the past 24 hours, fell during the last four hours of the previous day’s session, and then rebounded with the highest bounce. It was observed in the current hours. The moving average is at 23,610 and is showing sideways movement in the short term as BTC/USD gains strength to move higher.
The coin is now targeting the $24,167 level, seen at a record high. If BTC/USD breaks above this level, more upside potential can be seen in the near future. The Relative Strength Index (RSI) is still trending upward at 57.22, indicating bullish momentum. The Moving Average Convergence Divergence (MACD) continues to trend upward and the MACD line is above the signal line, indicating further upside potential for the coin.
Conclusion of Bitcoin price analysis
As a result, Bitcoin price analysis shows that the coin is currently bullish. The coin has gained strength in the last 24 hours with increasing buying pressure and is now targeting the $24,167 level. which could see more upside potential.
While you wait for Bitcoin to move further, check out our price predictions on XDC, Cardano and Curve