Bitcoin price analysis shows an upward trend for the day as the bulls were able to secure their lead once again. The cryptocurrency faced bearish resistance in the earlier days, but now the bulls are back on track. The price levels have been raised to a $16,932 high due to the latest upturn. The BTC/USD value is expected to travel even higher in the upcoming hours if the bulls progress continuously. The buyers are expected to break the resistance at $16,967 and set a new high of $17,000 soon, which will be a major milestone for the cryptocurrency.
On the other hand, the support is placed at $16,914 and it would be difficult for the bears to break this level. If they succeed in doing so, the value might fall to $16,867 and then $16,820.
Bitcoin price analysis: Price finds stability above $16,932 after bullish comeback
The hourly Bitcoin price analysis favors the bulls as a significant improvement in coin value is observed. Green candlesticks are marking a strong rise in price as it has just crossed the $16,914 barrier as well. There have been constant fluctuations in the market trends for the past few hours, but currently, the bulls have the upper hand.
The 50-day moving average is crossing the 100-day moving average which is a sign of strong bullish momentum. The buyers have also managed to maintain their stronghold and the BTC/USD value is currently stable above $16,932. The next few hours will be very crucial for the coin as any rise or fall in the price could determine its future course. The relative strength index is also in the bullish region which means that the coin is expected to go up in value. The smooth moving average is at $16,911 which shows that the bulls are still leading the race.
BTC/USD 1-day price chart: Bitcoin rebounded to $16,932 as the buyers regain control.
The one-day Bitcoin price analysis shows a bullish trend for the cryptocurrency, as a considerable amount of coin value was observed. The price underwent a decline earlier this week, but now the bullish momentum has been restored. The short-term trending line is moving upwards as the price level is up to $16,932 once again.
If we move on toward the Moving average MA50 which is at $16,801 and the MA200 is at $16,912, indicating a bullish momentum in the market. The Relative Strength Index RSI is pointing slightly above the 40 level which shows that there is more room for upside movements. The Stochastic Oscillator is also favoring the bulls as it is hovering around the 46.96 level. The SMA line is also moving up as the coin value rises.
Bitcoin price analysis conclusion
At the moment, Bitcoin price analysis is in strong bullish momentum and it has just crossed the $16,914 level. The buyers have managed to maintain their stronghold despite bearish corrections, and the coin is now stable at $16,16,932. The 17,000 psychological level could be the next target for the bulls, and if they manage to break through it then we could see a further rise in value. All technical indicators are favoring the bulls, so it is likely that the price will continue its upward trend.