Bitcoin price analysis shows the BTC/USD pair has experienced massive price fluctuations in the last few hours. The market has experienced massive price movements that have created several new intra-day highs and lows, but the bulls have managed to hold on to crucial support at $16,000. Recent data shows that the most influential crypto is still trading above its key support levels of $15,700 and $15,200.
Bitcoin is trading at $16,402.55, up by 1.57 percent in the last 24 hours. The total market capitalization of the coin is $25.3 billion and the trading volume has decreased by 26 percent. The main resistance for BTC/USD is seen at $16,500 and above that at $16,800. On the other hand, support lies at around $16,000 and below that at $15,700 and $15,200.
Bitcoin price analysis on a daily chart: Bulls sustain momentum
According to many investors and industry experts, a break above $16,500 could pave the way for bullish price action. On the other hand, failure to sustain momentum on a daily chart could see Bitcoin prices drift lower towards $15,200 or even further down to $14,000.
While there are still conflicting opinions surrounding the crypto market such as the ongoing FTX fallout and macro triggers. It seems that the smart money is in for a new uptrend and is poised to ride it to greater heights. Even fresh repercussions over the FTX debacle failed to dent Bitcoin’s performance.
Meanwhile, these came in the form of a bankruptcy filing and lawsuit from crypto lender BlockFi. The latter has been accused of poaching its employees to the tune of $7.5 million over a period of six months, according to media sources.
The trendline continues to be intact with Bitcoin prices holding on to above $16,000. The weekly chart shows Bitcoin bulls have managed to remain strong even after experiencing such severe volatility. The Relative Strength Index (RSI) indicates that the BTC/USD pair is in the bullish zone but is approaching overbought territory.
The Moving Average Convergence Divergence (MACD) on the daily chart shows a bullish cross and is increasing in value. The current market sentiment points towards another run towards $16,800 while traders wait for Bitcoin to clear $17,000 before they will consider entering long positions.
Bitcoin price analysis on a 4-hour chart: BTC price holds above $16,000
Bitcoin price analysis shows the BTC/USD pair price movement in the last 4 hours. The recent price action shows that Bitcoin is still holding on to the $16,000 support level. This is a positive sign for the bullish trend in the long-term as well as short-term traders.
The MACD indicator on the 4-hour chart indicates that Bitcoin is likely to move towards breaking above $16,800 and find resistance at $17,000 in the near term. The Relative Strength Index (RSI) is also pointing towards a bullish trend in Bitcoin prices and shows that the buying sentiment is strong.
The next target for BTC/USD traders could be at $20,000 while short-term support lies around $15,500. On the other hand, failure to hold on to $16,000 could see Bitcoin prices drop to around $15,200 and find support before moving higher.
Bitcoin price analysis Conclusion
Bitcoin price analysis shows the BTC/USD pair continues to be in strong bullish trend momentum. The bulls have been pushing higher despite the strong pullback that has seen Bitcoin drop to last week’s lows of $15,500.
Meanwhile, Bitcoin continues to show signs of weakness in the short term. With the recent fallout of a crypto lending firm, BlockFi has willingly filed a case in the US Bankruptcy Court for the District of New Jersey. BlockFi has listed FTX US as one of its top unsecured creditors, with a $275 million loan. The recent development could weaken the current bullish sentiment. It remains to be seen whether Bitcoin prices will recover or continue drifting lower toward $15,000 and then further towards $14,000.
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.