Recent Bitcoin price analysis shows a bullish trend for the day as the price is likely to rise again. As the price has reached the current higher levels, traders should wait for new discoveries by BTC. Although the price dropped to a relatively low level of $16,763, it has since rallied and is now back at $16,846. Given the current market conditions and Bitcoin being well supported by its traders, the bulls have been able to gain some strength.
The next resistance level is around $17,012, which is slightly above the current price. On the downside, Bitcoin has support around $16,763 and if this is breached, further declines can be expected. However, there has been a sharp rally in BTC/USD as the price recovered to $16,846 after bullish attempts seen today.
Bitcoin/USD 1-Day Price Chart: Bulls are looking for the $17,012 resistance level
24-hour Bitcoin price analysis confirms the bullish price movement for the day, as the bulls are back on the price chart after a sustained breakout last week. Although the value of Bitcoin fell over the course of a few days, the price was floating at an acceptable level and today’s market trend also supports buyers. The price is currently at $16,846 as the coin is heading towards its all-time high. The moving average (MA) is trading above the 50 SMA at $86.9.
The volatility in the intraday price chart is very high, which means that price volatility may increase in the next few hours. The upper Bollinger Band indicates $17,702, while the lower Bollinger Band indicates $16,398. The Relative Strength Index (RSI) score has risen to 48.95 today as it indicates buying activity in the market.
Bitcoin Analysis: Recent Developments and More Technical Indicators
The 4-hour analysis of Bitcoin price confirms that the price movement is bullish as the market has followed an uptrend for the past few hours. A significant increase in buying activity was seen today as the price rose to $16,846. If the bulls continue their advance, further recovery in BTC/USD value will follow, as the next resistance is the $17,012 high that the BTC bulls face. If we go ahead and discuss the moving average, after crossing today’s SMA 50, the indicator will be worth $16,848.
At the same time, volatility has started to increase further and the upper Bollinger band is now at $16,982 and the price has broken the upper limit, while the lower Bollinger band is at $16,517. The RSI curve is also bullish and the score has risen to 45.10, just at the border of the overbought zone.
Conclusion of Bitcoin price analysis
Bitcoin price analysis confirms the strong recovery of the coin’s value today. This is quite an encouraging news for buyers as the price has come down significantly in the last few days. The bulls have pushed the price to $16,846 after coming back in the last 24 hours. The hourly price chart shows promising results and a strong uptrend is also observed. Traders can expect a record high in the price of Bitcoin after it continues its upward trend later today.
While you wait for Bitcoin to move further, check out our price predictions on XDC, Cardano and Curve