The bulls are regaining their strength and the price is going up once again as the Bitcoin price analysis breaks out at the $16,944 level. This is a positive sign for traders and investors as it indicates that the bulls are in control of the market. A drop in price occurred in the past few days, but today the cryptocurrency is trying to recover back. The rise in bullish momentum has brought prices above $16,844, which is giving encouragement to buyers. It can be expected that the price may increase further as both the hourly and daily price charts are indicating a bullish trend.
The resistance for BTC/USD is now at the $16,991 level. If the buyers are able to break this resistance, then the price may go toward the $17,000 level. On the other hand, if the buyers fail to break this resistance then a correction may occur and BTC/USD may fall back to the $16,844 support level.
The 24 trading volume is also increasing, which is an indication of strong buying pressure and a possible further rise in the price. Currently, the trading volume is at $9.60 billion and is expected to increase further in the coming days. The market cap is also increasing, with the total market cap currently at $326 billion.
Bitcoin price analysis 1-day price chart: Upturn in price allows BTC to rejoin $16,944
The one-day Bitcoin price analysis is dictating a rise in price as the green candlestick has returned to the price chart. The bulls have been able to make a successful comeback, after going through a loss in the past few days. The price has improved by 0.44% from yesterday’s $16,863 low and is now trading at the $16,944 level. The current market situation is very positive for the bulls and the price is expected to stay above $16,944 in the coming days.
The 50-day and 200-day moving averages are also providing support to the bullish succession and are acting as a cushion for the price. This means that the bulls are still in control of the market and are likely to maintain this status in the next few days. The Relative Strength Index (RSI) is also indicating a bullish trend, as it currently stands at 46.58. The MACD is also in the bullish zone, which is a sign that the bulls are still in control.
Bitcoin price analysis: Uptrend persists in bringing price levels higher than $16,944
The four hours Bitcoin price analysis is indicating an upward trend for the cryptocurrency, as the price has been able to join once again. The price movement has been quite rapid despite some bearish strikes. The price decreased in earlier days due to a sudden increase in bearish momentum, but it has recovered in the last four hours.
The price is going higher as the MACD is showing a bullish crossover. The relative strength index (RSI) is also in the bullish zone, which is a sign that bulls have the upper hand. The price is going higher than the moving average value as well, whose value is settled at $16,928.
Bitcoin price analysis conclusion
The price has undergone improvement as has been confirmed from the above chart for Bitcoin price analysis. Both of the price charts are indicating a bullish trend, as the price has increased up to $16,944 today. Further rise in price is to be expected as the bullish trend has been at its peak in the last four hours as well.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve
