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Bitcoin price analysis: BTC holds above $17,100, further upside likely?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis shows a neutral market sentiment
  • BTC/USD tapped the $17,200 mark today
  • The bulls are currently targeting to break through the key resistance at $17,500

Bitcoin price analysis shows that the BTC/USD price is still holding above the $17,100 level after a period of consolidation around the previous resistance level. The BTC/USD pair is struggling to maintain the $17,100 level and is oscillating near the $17,300 region with a downward bias. The upward movement from the $17,100.84 level is not confident and it seems the bulls are faltering.

image 193
Cryptocurrency price heat map: Coin360

BTC/USD traded in a range of $17,100.84 to $17,216.83, indicating relatively low volatility over the last 24 hours. Trading volume has declined by 40.1 percent, totaling $13.79 billion, while the total market cap traded around $330.7 million, resulting in a market dominance of 38.55 percent.

BTC/USD 1-day chart price analysis: BTC looks to continue higher

On the daily timeframe, Bitcoin price analysis reveals a sustainable trend is yet to form on the hourly charts. The daily charts are showing a slight bullish bias but the same needs to be established as the day comes to a close. The high trading volumes along with a decent upshot can turn the tables for the bulls. The recent sideways phase must end on the daily charts for the BTC/USD to move beyond $20,000.

image 192
BTC/USD 1-day chart: TradingView

The next bullish targets are $20,000 and then $21,000 where the pair is bound to meet stiff resistance. The journey, however, is not going to be smooth as the pair is moving towards the middle of the Bollinger Bands near the $19,800 range on the hourly timeframe as per Bitcoin price analysis. The pair has successfully made it beyond the 50-day moving average and seeks to cross the 200-day moving average which is showing a slight bent downward.

Bitcoin price analysis on a 4-hour chart: Bulls target a break out above $17,500

Bitcoin price analysis on a 4-hour timeframe indicates the king coin has been trading in neutral market sentiment, with bears and bulls battling for price control. The bulls have been able to defend the crucial support level of $17,000 and are trying to make a move higher. On the 4-hour chart, we can see a slightly higher low set after the reaction from the $17,000 support, indicating that further upside will follow overnight.

image 191
BTC/USD 4-hour chart: TradingView

The technical indicators are reflecting the current choppy price action, with both the RSI and MACD indicators still hovering near neutral territory. Nevertheless, given that Bitcoin has been trading sideways for three consecutive days, we could be facing a period of consolidation before either bull or bear takes control.

Bitcoin price analysis conclusion

Bitcoin price analysis is bullish today as we have seen a retrace to set a higher local low after failing to move above $17,200 yesterday. Therefore, BTC/USD is ready to continue even higher and looks to push toward the $18,000 resistance next.

While waiting for Bitcoin to move further, see our Price Predictions on XDCCardano, and Curve.

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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