Today’s digital currency market has very mixed emotions. After being mostly bearish for several days, the bulls are trying to catch up. However, today’s Bitcoin price analysis does not show much volatility, which adds a lot of uncertainty.
Overall, Bitcoin is only up 0.73%. However, it is interesting to note that the rest of the market is not faring as well. Ethereum is down 0.64% along with other altcoins like Solana and Cardano.
One-day Bitcoin price analysis shows that Bitcoin was mostly trading in a range until last week. After reaching $21,364, Bitcoin quickly started to retrace and set a new support line at $15,632. He retreated a bit before entering another range. However, the bulls are slowly recovering, which may cause Bitcoin to pull back a bit. But will it retest key resistance at $21,364 anytime soon? It seems unlikely, however, a test of local resistance at $16,900 is a much more realistic possibility.
24 hour movement of bitcoin price
Bitcoin has not fluctuated much in the last 24 hours. Its market capitalization increased by only 0.73% while trading volume decreased by 15.6% to a total of $28,306,808,816. Nevertheless, Bitcoin remains the number one market cap.
4-Hour Bitcoin Price Analysis: BTC/USD May Retest $16,900 Soon
4-hour analysis of Bitcoin price shows some positive indicators. RSI is currently very healthy. The slope is on the positive side, which means that the market may see a change. The bulls seem to be getting ready to push the price higher. At the same time, the MACD indicator also indicates an imminent crossover.
If momentum reverses, Bitcoin will retest the $16,900 resistance once again. Whether the price will go higher is a different story, as the market is still very uncertain.
Bitcoin Price Analysis: Conclusion
Last week was not very positive for Bitcoin as it was continuously bearish for several days. However, it appears to have found strong support around $15,600. Due to the uncertainty in the Bitcoin market, it is still recommended to take your position long-term DCA (Dollar Cost Averaging) and take advantage of these bearish conditions.
Short-term profit growth is possible, but more risky in the current market scenario. However, there may be room for small gains right now as Bitcoin struggles to return to $16,900. In the meantime, you might want to read our price forecast on altcoins like Avalanche.
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