Bitcoin price analysis: BTC flips back to $16,969 as optimistic momentum continues

Bitcoin price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bullish today
  • Support for BTC/USD is present at $16,917
  • BTC/USD is facing resistance at $17,116

image 47
Cryptocurrencies price heatmap, Source: Coin360

Bitcoin price analysis shows an increasing trend for cryptocurrency today. Although the price was facing bearish resistance earlier, the bulls have managed to bring the price to $16,969 in the last 24 hours. The continuation of the green candlestick indicates that the coin value has been increasing once again today. The hourly price prediction confirms similar market trends for BTC/USD, as the price covered upward movement in the past four hours as well. However, the nearest resistance is present at the $17,116 level, where selling pressure may appear, and bulls will need to show more strength to bypass this local pressure area.

BTC/USD 1-day price chart: Bitcoin price gains 0.16 percent

The one-day Bitcoin price analysis gives encouraging news for cryptocurrency buyers, as the price has increased significantly during the day. The coin is currently trading at $16,969 at the time of writing, and chances are there for further increases in price levels if bulls show consistency. The coin has already gained 0.16 percent overnight, which is a big achievement for the bulls.

The price trends have been undergoing constant variation for the past week, but now a continuation of the bullish trend can be seen on the price chart, which started yesterday.

The BTC/USD price appears to be crossing over the curve of the Moving Average, signifying a bullish trend. Furthermore, the BTC/USD price path appears to be moving upwards, signifying an increasing market with further possibilities of increasing movement.

image 46
BTC/USD daily chart: TradingView

The volatility is relatively on the higher side, Bollinger band’s upper value is 17,246, whereas the lower value is $16,917. The Relative Strength Index (RSI) graph shows a very slight upward curve as more buying activity is taking place in the market, and the RSI level has reached an index of 40.58 near the centerline of the neutral zone, but the mild upwards curve is hinting at the opposition from the bearish side.

Bitcoin price analysis: BTC prices increased significantly to $16,969

The hourly Bitcoin price analysis is also in support of the buyers today as the price has constantly been increasing. The green candlesticks are marking a rise in price over the past four hours. The price has reached near the upper limit of the volatility indicator as the buyers currently control the market trends. Right now, the Cryptocurrency value is found trading at $16,969 after gaining significant value. The moving average value in the four-hour price chart is standing at the $16,993 level after crossing above the SMA 50 curve.

image 45
BTC/USD hourly chart: TradingView

The volatility is mild on the 4-hour chart, with the upper band of the Bollinger bands indicator present at the $17,166 mark, and the price is traveling towards the upper band, whereas the lower band is present at the $16,855 mark. The RSI graph shows horizontal movement as the indicator is trading at index 59.42, hinting at selling pressure building up at the current price level.

Bitcoin price analysis conclusion

To sum up, Bitcoin price analysis shows a considerable amount of increase in BTC/USD market value was observed today, amounting to 0.16 percent. The green candlestick marks an upgrade in the coin value throughout the past 24 hours. We expect Bitcoin to continue upside down for the coming hours. However, a small correction may also take place as the price is already trading near the upper limit of the Bollinger Bands on the 4-hour chart, and the RSI curve is also flattening out.

While waiting for Bitcoin to move further, see our long-term price predictions on ChainlinkVeChain, and Axie Infinity.

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.

Ann Mugoiri

Ann Mugoiri

Ann likes to write about crypto and blockchain technology. She has been following the development of these technologies for a few years and believes that they have the potential to disrupt many industries.She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.

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