- Bitcoin price analysis is strongly bullish today.
- BTC bulls are on a march towards the $60,000 target.
- The nearest resistance is found at $61,389.
- The nearest support for BTC is found at $57,304.
The Bitcoin price analysis is bullish beyond limits today as BTC bulls are aiming for $60,000. Today BTC/USD pair price improved from $57,304 to $59639 after the slow price movement of yesterday when BTC was struggling to maintain the price level. After reaching the $57,000, Bitcoin faced rejection for further upside, but the leader of cryptocurrencies is reigning with mighty hold, as the price function is now advancing towards the higher side. The last time the king cryptocurrency enjoyed the joy of being above $60,000 was on 18th April 2021 and went below $50,000 on 12th May. Recently the Bitcoin again recovered to the $50,000 mark on 5th October, and the pioneering Bitcoin has been on improvement since then.
BTC/USD 1-day price chart: Bitcoin to the moon
The 24 hours price chart for Bitcoin price analysis shows a strongly bullish price function as the price of BTC/USD is trading hands at $59639 at press time, and no weakness in bullish momentum has been observed as yet. But there are some rare worrying indications as well; despite the price spike and BTC/USD gaining 2.55 percent value over the last 24 hours, the trading volume is down by 11.5 percent, which shows some weakness in the roots of the king’s throne.
The volatility is high as the Bollinger bands are suggesting, the upper band is at $62,657, representing resistance for BTC, and the lower band is at $39,071, representing the lowest support for the BTC/USD pair. The price is trading near the upper band, and still, there seems to be more room for upwards price function.
Another factor is the relative strength index (RSI) which has moved into the overbought zone and is present at index 71 just above the borderline of the neutral zone. The RSI can anytime revert back and give a sell signal which might make it hard for the king to float above $60,000 in the coming days.
The moving average (MA) is present below the price at $56,142, complementing the bullish momentum, as the short-term MA10, MA20, and MA30 all indicate a bullish trend.
Bitcoin price analysis: Recent developments and further technical indications
The recent 4-hour price chart for Bitcoin price analysis further confirms the bullish momentum as it shows a continuous increase in price since the start of today’s session; still, no signs of a bearish hindrance have been observed. But as can be seen on the 4-hour chart, the price has moved above the Bollinger bands upper limit, and the selling pressure can kick in anytime, from traders fearing a short-term downside, which will make it hard for the king crypto to break above the $60,000 mark.
The volatility is also increasing during the recent hours as the Bollinger bands show divergence after maintaining a narrow channel for the past few days. The upper band, at $59,504 now being below the price level, has turned into support for BTC/USD price. The RSI movement has also turned flat, which is an indication of a balance between buying and selling activity in the market. Now the deciding factor will be, which side overcomes the other side to further dominate the price function.
The overall technical indicators are in support of investment in BTC/USD pair assets, as 15 technical indicators support the buying decisions for BTC, including the MA, EMA, MACD oscillator, and the hull moving average. On the contrary, only one technical indicator of Momentum favors the selling of BTC assets; thus, the majority weight is on the bullish side. However, 20 technical indicators stand neutral and don’t favor either side of the market.
Bitcoin price analysis: Conclusion
The current Bitcoin price analysis shows the bullish momentum is dominating the price function, but the BTC bulls can get exhausted any time soon as the trading volume is still down over the last 24 hours and the RSI is already in the overbought zone. If the buying pace continues, the Bitcoin is likely to make it into the 60,000 range, but as the RSI on the 4-hour chart shows, flat movement chances are diminishing as of now but hopes still exists. If the support at $57304 persists, it will still help Bitcoin to maintain the $59,000 range, which is, however, a step higher from the previous price level of the $57,000 range.
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