Bitcoin price analysis: Bulls drive BTC to a new high of $17,327 following a recent surge

Bitcoin price analysis

TL;DR Breakdown

  • Bitcoin price analysis favors bulls for the time
  • Resistance for BTC is present at the $17,389 level
  • Support is still present at $17,162

Bitcoin price analysis for today displays a green candle as the BTC/USD value has undergone sufficient improvement today. The past few days have proved beneficial for the cryptocurrency as the market was following an uptrend with the coin climbing above the 17,000 USD level. But today, some bearish pressure has been seen in the market and the price dropped slightly. However, the bulls regained their momentum and drove the BTC/USD up to a new high of $17,327.

The immediate resistance for Bitcoin is present at the $17,389 level. This can be broken by the bulls as they regain their strength and push further above this level. On the downside, there is strong support at the $17,162 level. As long as this level holds, the buyers will remain in control and look to push Bitcoin higher.

The digital asset has a 24-hour trading volume of $16.532 billion, which is higher than the previous day’s trading volume. The market cap of the coin is currently at $333.13 billion and the Bulls are in full control of the market as they continue to push Bitcoin higher.

Bitcoin price analysis 1-day price chart: BTC gains momentum at $17,327

The daily Bitcoin price analysis indicates an upward movement of price for the day as a bullish trend has been observed. Although the cryptocurrency underwent a significant decline earlier today, the buyers regained their momentum and pushed the coin back up. The DOT/USD is now trading at $17,327 at the time of writing after gaining 0.07 percent which is a significant improvement from the previous day’s trading.

image 196
BTC/USD 1-day chart, source: TradingView

The moving average (MA) value for the day is $16,949 as the SMA 20 curve is trading higher than the SMA 50 curve, which is a hopeful indication. The volatility is increasing as the Bollinger bands are expanding, and the upper Bollinger band value is now at $17,235, whereas the lower Bollinger band value is $17,16,398. The RSI indicator is currently at 49.58 which further confirms a bullish trend in the market.

Bitcoin price analysis on hourly chart: BTC still trading above $17,300

The four hours Bitcoin price analysis also indicates a bullish price movement as the price has been undergoing constant improvement today. The bulls are struggling to recover as the cryptocurrency value experienced a significant decline in the previous hours of the trading session. The price is now $17,327, which is expected to increase further in the approaching hours. The moving average value for the four hours price chart is standing at $17,257.

image 195
BTC/USD 4-hour chart, source: TradingView

The Bollinger bands have been expanding since the beginning of the four hours chart and are now at $17,421 (upper band) and $16,818 (lower band). The relative strength index (RSI) value is at 69.86 and is expected to rise further as the bullish trend strengthens its grip on the BTC/USD trading pair.

Bitcoin price analysis conclusion

The overall Bitcoin price analysis suggests that the bullish trend is likely to continue in the Bitcoin market for at least a few more hours. The buyers are currently in full control of the market as they continue to push Bitcoin higher. Additionally, also both charts indicate that the technical indicators are in favor of the bulls and further price appreciation is expected in the coming hours.

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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