The latest Bitcoin price analysis for today shows a strong bullish move. A significant amount of increase has been seen in the value of BTC as the price has risen to $24,597 due to the latest spike. The last few weeks have been bad for the overall value of the coin and even last week showed mixed results, but today the situation has become favorable for buyers due to the bullish trend.
The bullish move was also accompanied by healthy volume and buying pressure as seen on the daily chart. A strong break was seen above the $23,000 level and slowly the price reached the $24,500 level. This is an important milestone that Bitcoin/USD has crossed, as it has crossed the all-time high near $24,597 for the first time in history.
24 trading volume for the top coin also looks quite healthy. At the time of writing, it is $34 billion, which means buyers are still in control of the market and going higher, while the market cap is $472 billion, up 7.74%.
Bitcoin Price Analysis One-Day Price Chart: Bitcoin advances to $24,597 after bullish rally.
One-day Bitcoin price analysis shows signs of an uptrend as more buying activity has taken place over the past 24 hours. Buyers are active today and are doing their best to maintain the uptrend, with the price rising to $24,597, up 12% in the last 24 hours.
Although the bearish pressure was seen last week, today the prices have increased. However, it should be noted that the coin is currently facing a rejection at the $24,769.24 level and it may take a few attempts before crossing this barrier. Currently, the support level remains around $22,664 and this will act as a cushion for the coin if buyers lose control.
The price still needs to break through the moving average (MA) at $23,533 to sustain its bullish momentum. The Relative Strength Index (RSI) has now reached 68.89 after the latest bullish activity. RSI also shows a strong buy signal with a bullish crossover at the 60 level. This is a good indicator that buyers are in control of the market and will push even further if the price finds support at higher levels. The MACD indicator indicates a buy signal because the MACD line is above the signal line.
Bitcoin Price Analysis: Recent Developments and More Technical Signs
Four-hour Bitcoin price analysis confirms that the digital currency has followed an upward trend over the past 24 hours. Bulls led the market for a while, although a gradual decline was also seen earlier this week. But now, the bulls are back on track as the price has rallied to the $24,597 mark.
The moving average on the four-hour chart is maintained at $23,693. RSI also confirms the positive trends and has reached the index of 78.35, which indicates the control of the market by buyers. Moving Average Convergence Divergence (MACD) also indicates an uptrend when the signal line crosses above the MACD line. The histogram is in green territory, which confirms buying pressure.
Conclusion of Bitcoin price analysis
In conclusion, Bitcoin price analysis is currently trading in an uptrend and buyers are in control of the market. The price is on a recovery path and has increased to $24,597 due to the bullish trend. If the bulls remain stable, further improvement in the coin’s value will follow in the coming week.
While you wait for Bitcoin to move further, check out our price predictions on XDC, Polkadot and Curve