Bitcoin price analysis: BTC takes a bounce back to 16,846 USD as the bullish sentiment reemerges

Bitcoin price analysis

TL;DR Breakdown

  • Currently, Bitcoin is trading at 16,846 USD after a strong uptrend
  • Support for BTC is stable at the $16,716 level
  • Resistance is found around the $16,867mark

The latest Bitcoin price analysis is bullish as it shows that the price has undergone revival once again. The green candlesticks reappeared on the chart. The price experienced a constant downfall in some hours today as a downtrend was at its peak. Nevertheless, the bullish momentum has been reinstated today, and the price has been able to rejoin its former level, i.e., $16,846. The price might top its current position in the upcoming hours as well.

The top coin has gained more than 0.08% in the last 24 hours, and it looks like there is more bullish pressure in store for BTC. The trading volume for BTC is quite healthy as well and the market capitalization of the coin has also increased to $324 billion.

BTC/USD 1-day price chart: Bullish trend uplifts coin value up to $16,867 high

The one-day Bitcoin price analysis is confirming an upturn in price as the bulls have been able to find their way to recovery. The BTC/USD value has been revived once again as the coin is trading at $16,846. The bears had been leading the market in the previous hours, but now the bullish momentum is resurging as the crypto pair is reporting an increase in value of over 1.88 percent over the past week as well. The bulls are now pushing the price up as they attempt to break the $16,867 resistance zone, which is the highest resistance level for BTC currently.

image 111
BTC/USD 1-day price chart, source: TradingView

The MACD indicator also confirms an uptrend as the green line has crossed over the red one. The Stochastic RSI oscillator is also confirming this as the reading has moved in the overbought region. The moving average indicator (MA) is showing its value at $16,702 above the price level in the one-day price chart. A crossover between SMA 20 and SMA 50 is also expected if the bullish trend continues for another day or two; as of now, the SMA 20 curve is trading below the SMA 50 curve due to the constant downtrend previously.

Bitcoin price analysis: Recent developments and further technical indications

The four hours Bitcoin price analysis confirms that a bullish trend has been following for the last 4 hours. The trending line is moving ascendingly as the price has constantly been rising for the past few hours. The price has been able to overcome the resistance present at $16,867 as well and is currently settling at the $16,846 mark.

image 110
BTC/USD 4-hour chart, source: TradingView

Moving on, the moving average value in the four hours price chart stands at $16,830. The 4-hour MACD indicator is currently indicating a bullish trend with the histogram bars trading in the positive zone. The RSI score has improved up to an index of 60.12 as well because of the persistent flight of the BTC/USD price function.

Bitcoin price analysis conclusion

Bitcoin price analysis is showing signs of bullish recovery as the price heightened up to $16.846 in the last 24 hours. The price underwent a constant decline in the previous hours, but now it is back on track after the bullish momentum was revived. The price will pursue further heights in the upcoming hours as well, which is quite encouraging news for the buyers.

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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