Bitcoin price analysis shows that the currency has experienced an upward recovery over the past 24 hours, reaching $23,143, up 9.05%. This represents a significant upside from its recent low of $21,315 as traders seem to be taking advantage of this rally. Bitcoin today is trading in the $22,633 and $23,249 ranges, which serve as key resistance and support levels, respectively. You can break any of the ranges to determine the direction of the coin.
Traders are now waiting for a hint of further upside as the bulls seem to be in control and pushing prices higher. If BTC can successfully break above $23,249, there may be an opportunity for further gains in the near future. On the other hand, if prices fail to break the resistance level, further declines can be expected.
Bitcoin trading volume has also increased exponentially over the past few days, indicating that traders are increasingly interested in the digital currency. This volume has increased by over 76.80% as the total BTC market capitalization reaches $445 billion.
Bitcoin Price Analysis One Day Price Chart: Bitcoin price is moving in a positive direction
Daily Bitcoin price analysis shows an uptrend as buying activity has recovered today. Earlier the market was in a downtrend as the bulls faced strong resistance and the price was falling for days, but now the price trend seems to have changed again in favor of the buyers. BTC/USD is currently moving in a positive direction at $23,143 after hitting a high of $23,000.
On the other hand, technical analysis of moving average action paints a slightly different picture. The 50-day simple moving average is moving below the 200 SMA, which means that there is still some resistance at these levels before the price continues its uptrend. The relative strength index (RSI) has turned in an upward direction and due to the latest price increase, its score has increased to 79.00.
MACD also points towards a bullish sentiment because the MACD line is above the signal line. This suggests that Bitcoin buyers are pushing prices higher and volatility can be expected in the near future. The moving average is currently at $21,310, just below the $21,315 support level.
Bitcoin price analysis 4-hour price chart: BTC bulls reject further downside
The four-hour analysis of Bitcoin price confirms the bullish trend as the price has covered an uptrend in the last few hours. This can be confirmed by the four-hour price chart, where the green candlestick indicates an increase in the coin’s value. A strong correction was seen in the last 24 hours of the previous trading session, but for now, the bullish move has successfully rescued the price above the $21,000 margin and the bullish move looks set to continue till the end of the day.
Meanwhile, the moving average on the four-hour chart is trading at $22,302. MACD also points to an uptrend because the MACD line is above the signal line. This suggests that buyers are pushing prices higher and volatility can be expected in the near future. The RSI is also trending higher at 67.19, which means it still has some room to go higher before reaching the overbought zone.
Conclusion of Bitcoin price analysis
As a result, the current Bitcoin price analysis market sentiment seems to be in favor of the bulls and it is likely that Bitcoin will continue its positive trend in the near future. The key resistance level at $23,249 needs to be broken for further upside for further gains. Buyers have a good opportunity and should make the most of it.