The cryptocurrency market has very mixed sentiments today. After remaining predominantly bearish for some days, the bulls are trying to catch up. However, the Bitcoin price analysis does not show much volatility today, which adds a lot of uncertainty.
Overall, Bitcoin has marked an increase of only 0.73 percent. However, it is interesting to see that the rest of the market is not catching up well. Ethereum has decreased by 0.64 percent along with other altcoins such as Solana and Cardano.
The 1-day Bitcoin price analysis shows that Bitcoin was mostly trading in a range until the last week. After hitting $21364, Bitcoin rapidly started following and set a new support line at $15632. It did retrace slightly before entering another range. However, the bulls are slowly catching up which might cause Bitcoin to retrace a little. But will it retest the major resistance at $21364 any time soon? Seems unlikely. However, testing the local resistance at $16900 is a much more realistic possibility.
Bitcoin 24-hour price movement
Bitcoin has not been much volatile in the last 24 hours. Its market cap only increased by 0.73 percent while the trading volume went down by 15.6 percent, totaling $28,306,808,816. Nevertheless, Bitcoin remains in the #1 spot in terms of market cap.
4-hour Bitcoin price analysis: BTC/USD might retest $16900 soon
The 4-hour Bitcoin price analysis gives some positive indicators. The RSI is currently very healthy. The gradient is pointed towards the positive side, meaning that the market might see a shift. The bulls seem to be gearing up to push the price higher. At the same time, the MACD indicator is also showing an impending crossover.
If the momentum shifts, Bitcoin will retest the $16900 resistance once again. Whether it will break higher or not is a different story, as the market is still very uncertain.
Bitcoin price analysis: Conclusion
The past week has not been very positive for Bitcoin as it remained consistently bearish for several days. However, it seems that it has found strong support around the $15600 mark. Due to the uncertainty in the Bitcoin market, it is still advised to DCA (dollar cost average) your position for the long term and take advantage of these bear conditions.
Scalping short-term profits are possible, but riskier in the current market scenario. However, there might be some room to scalp small profits right now as Bitcoin gears for a retrace to $16900. In the meantime, you may want to read our price predictions on alt coins such as Avalanche.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
