Bitcoin price analysis reveals that the cryptocurrency is currently trading at $16,860 after a slight increase of 1.24 percent over the last 24 hours. The price of Bitcoin has been trading in a range between $16,622 and $16,886 since the start of the day. The bulls are looking to break above the resistance at $16,886 in order to push the price higher, while the bears are trying to keep the price below the $16,622 support level. But, the bulls seem to be in control as the price is still trading above the support level.
The market capitalization of the digital asset stands at $324 billion, and the 24-hour trading volume is recorded at $16 billion with a surge of 22.90 percent.
BTC/USD 1-day price chart: Price moving unboundedly upwards
The 1-day Bitcoin price analysis chart shows that the cryptocurrency is currently trading in an ascending channel. The digital asset has seen a strong rally over the last few days with no sign of a pullback. The buyers are pushing the price higher, while the sellers are struggling to keep it below the $16,622 support level.
The Moving average indicator is currently in the bullish zone as the 50 SMA is located above the 200 SMA. The Moving average is at the $16.647 level and a move past this level could see Bitcoin target the next level. The Relative Strength Index (RSI) score is increasing at a faster pace and has reached an index of 45.64, which indicates that the market is currently in a bullish state.
Bitcoin price analysis 4-hour chart: Bulls stumble to keep control
The hourly Bitcoin price analysis chart reveals that the cryptocurrency has been following an uptrend for the last few hours. Further advancement is to be expected as the bullish momentum is strengthening with each passing day. The moving average (MA) indicator is also moving upwards, which is a positive sign, and is settled at the $16,774 position for the day.
The MACD indicator also seems to be in a bullish state as the MACD line is above the signal line. The Relative Strength Index (RSI) score is also increasing and has reached a high of 60.66, which is an indication that the market is currently in a bullish state.
Bitcoin price analysis conclusion
Overall, the Bitcoin price analysis shows that the cryptocurrency is in an uptrend and may continue to move upwards. The bulls are currently in control as they have been able to keep the price above the $16,622 support level. The technical indicators seem to be in a bullish state and are pointing towards further advancement. If the bulls are able to break past the $16,886 resistance level, we can expect a further bullish rally in the coming days.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve
