Bitcoin price analysis shows that the price of Bitcoin has increased from a low of $22,387 to $22,933 in the last 24 hours. The price increase is due to bullish market sentiments and increased buying pressure among investors. The market opened lower, but the bulls soon stepped in and started buying, which pushed the price higher.
Current resistance for BTC/USD is at $23,126 and any further price increases may be met with resistance from investors looking to take profits. However, if the bulls are able to lead the price higher and break this resistance, we could see Bitcoin price rise further.
On the other hand, if bearish pressure pulls back the market, support for Bitcoin can be found at $22,387. which was low in the last 24 hours. If the market moves below this price, we can see a decrease in the value of Bitcoin.
Bitcoin/USD 1-Day Price Chart: Strong bullish move brings higher gains for Bitcoin
The 1-day price chart for Bitcoin price analysis shows that the bulls have covered the bullish range above the $22,000 level, as the BTC/USD pair trades at the next high at the time of writing, marking a 0.25% 24-year high. The past increases. hours, and is up about 7.47% over the past week, as the trend was bullish for most of the week. Today’s trading volume improved by 20.63% and increased the market value by 0.24%.
The signal line in the moving average indicator has moved below the candlestick shape, however, this is still a relatively small sign of a bearish reversal and investors should be cautious. The moving average index is currently at $21,178, which is still below the current market price. The relative strength index (RSI) is in an upward curve in the upper range with a value of 82.62. This indicates that the market is currently overbought and there is a higher probability of a bearish reversal.
Bitcoin Price Analysis 4-Hour Price Chart: Bulls continue to push the BTC/USD pair higher
The 4-hour analysis of Bitcoin price further confirms the bullish move. The price was bearish in the last four hours of the previous trading session, but the correction was short-lived and the bulls are back in control today, pushing the price higher every hour. However, there is no trace of a bearish barrier, but the price is now close to the first resistance at $23,126, which will be tested soon.
The moving average is found at $22,760 and is still below the price, confirming that the uptrend is likely to continue. The Relative Strength Index (RSI) is now in the overbought zone at 76, eliminating the possibility of a bearish return in the near future. Moving Average Convergence Divergence (MACD) also maintained its positive position and is still in the bullish zone.
Conclusion of Bitcoin price analysis
The current analysis of the Bitcoin price shows that the upward movement determines the price movement to a large extent, it still has more room for further upward movement. BTC/USD may break above the $23,126 resistance if buying activity gains strength in the next few hours. However, the $23,126 resistance may not be met today. On the other hand, in case of selling pressure, the price of the coin may return to $22,387.
While you wait for Bitcoin to move further, check out our price predictions on XDC, Cardano and Curve