Bitcoin price analysis continues to be bullish as the BTC/USD pair is currently trading above the $24,000 level. Recovering from its weekly low of $21,473, the pair is currently trading at $24,736. According to the analysis, the bulls find resistance at the $24,815 price level, which is the highest level of the previous session.
With support firming below the $24,574 level, further upside is expected. This indicates that the buying tendency has increased and the upward movement has been maintained. Buyers are trying to push the pair higher while sellers are looking to limit profits, however, good volume is needed to ensure the price remains above $24,000.
Bitcoin/USD 1-Day Chart: Bulls Overcome Bears After Grounding
The given one-day price chart for Bitcoin price analysis shows that the price is slowly rising and starting to move higher. The day has been quite supportive for buyers as more green candlesticks secure their position on the price chart. Last week, a bearish move had pushed the pair towards the $21,473 level, before buyers took control and pushed the price higher.
BTC/USD has gained around 12.3% in the past week and has been trading above the $24,000 level for the past few days. The market capitalization has also increased to $478 billion, which supports the bullish sentiment, and the trading volume of the pair is currently $18 billion, which is a sign of good buying pressure.
Technical indicators on the one-day chart also support the bullish sentiment as the Relative Strength Index (RSI) shows that BTC/USD is in overbought territory, indicating that buyers should be on the lookout for a potential correction. MACD indicates a bullish cross and is in a positive range. The moving average is also supporting the bulls as the 50-day MA has crossed the 200-day MA. The moving average is at $23,292, indicating that the price is firmly in bullish territory.
Bitcoin Price Analysis: Upward pressure leads to a higher price near $24,736
The 4-hour chart for Bitcoin price analysis shows that the bars are too high for the bulls. Conditions have been very favorable for the bulls in the last few hours as the bulls are set to cross the $24,815 price level. The bulls are advancing at a very slow pace as the moving average (MA) is still ahead of the current price of $24,654.
The technical indicators of the 4-hour chart also indicate an upward trend. The Relative Strength Index (RSI) is overbought at 66.96, indicating that bulls should be cautious and prepare for a possible pullback. MACD is also in the bullish range and has crossed above zero, which indicates more buying pressure. The histogram is in green bars and expanding, indicating that buyers are gaining momentum.
Conclusion of Bitcoin price analysis
To conclude, Bitcoin price analysis is still bullish as bulls look for a major push above $24,736 and target higher prices near $24,815. Buyers should be cautious and watch out for any sudden selling near these levels, as technical indicators have already entered overbought territory. If the bulls can maintain their buying pressure and technical indicators remain in positive territory, the pair may have a good chance to break above $25,000.
While you wait for Bitcoin to move further, check out our price predictions on XDC, Polkadot and Curve