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Bitcoin price analysis: BTC/USD continues to surge as it breaks out at $17,082

Bitcoin price analysis

TL;DR Breakdown

  • Bitcoin price analysis is in favor of the bullish side
  • BTC/USD support is present at $16,994
  • Bitcoin price is facing resistance at $17,378

Bitcoin price analysis reveals that the BTC/USD pair has started to gain bullish momentum after a period of consolidation at around the $17,000 level. The daily chart shows that the price has broken out of a descending triangle pattern and is currently trading at $17,082. The breakout from the pattern suggests that the bulls are in control and that the price may continue to rise in the near term. The resistance level for the bulls is $17,378. On the downside, support is present at the $16,994 mark.

image 96
Cryptocurrencies price heatmap, Source: Coin360

The cryptocurrency market has been seeing a lot of positive momentum in the last 24 hours, with most major assets seeing significant gains, the price for the coin has increased by 0.24 percent in the last 24 hours. The market capitalization currently stands at $327 billion and the 24-hour trading volume is over $22.11 million.

Bitcoin price analysis 1-day price chart: BTC/USD forms a bullish engulfing pattern

The 1-day Bitcoin price analysis shows that the BTC/USD pair has been trading in a range of $16,994–$17,378 for the past few hours, and it looks like the bulls are slowly gaining control of the market as they push prices up from the lower end of the range. The market has been able to make higher highs and higher lows, which is a sign of bullish momentum.

image 94
BTC/USD 1-day price chart: TradingView

The Moving Average Convergence Divergence line is on the brink of a bullish crossover, which is a positive sign for the market. The MACD histogram is also in green, which indicates that the bulls have the upper hand in the market at the moment. The Relative Strength Index is currently near the 43.02-level, which indicates that the market is neither overbought nor oversold. The Bollinger Bands are also expanding, which is indicative of increased market volatility. Overall, the technical indicators in the 24-hour Bitcoin price chart are giving up bullish signals, which supports the current uptrend in the market.

Bitcoin price analysis on a 4-hour price chart: Bulls continue to push prices higher

The hourly chart for Bitcoin price shows that the BTC/USD pair has formed a bullish flag pattern, which is a continuation pattern. The breakout from this pattern suggests that the bulls are in control of the market and that prices may continue to rise in the near term. The coin today started trading at $17,082 and made a high of $17,378, but the bulls were unable to sustain these prices, and the coin pulled back to the $16,994 level.

image 95
BTC/USD 4-hour price chart: TradingView

The MACD line is above the signal line, which indicates that the bulls are in control of the market momentum. The Relative Strength Index on the 4-hour price chart is currently near the 58.81-level, which indicates that the market is in the overbought region. However, since the RSI is not at extreme levels, there is still some room for prices to move higher. The bulls have been in control of the market as the Bollinger Bands are moving above the candlesticks.

Bitcoin price analysis conclusion

In conclusion, Bitcoin price analysis reveals that the bulls are in control of the market and that prices may continue to rise in the near term. The technical indicators on the 4-hour and 1-day charts are both giving bullish signals, which suggests that prices may continue to rise in the near term. The next level of resistance for the bulls is at $17,378, and if they can break above this level, we could see prices move higher toward the $17,550 resistance -level. On the downside, support is present at $16,994 and if prices move below this level, we could see a test of the $16.570 support level.

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.

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

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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