Bitcoin price analysis: BTC Surges to $20,891 after a short-lived period of bullishness

Bitcoin price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bullish for today
  • BTCUSD rises to $20,891 after a short-lived period of bullishness
  • The support for Bitcoin is present at the $20,606 level

Bitcoin price analysis is bullish for today as the cryptocurrency is in bullish form, after a brief bearish wave that was seen earlier today. The cryptocurrency has been in a steady uptrend and is currently trading at $20,891, up from an intraday low of $20,606 earlier this morning. The bulls are in control of the market and have pushed BTC/USD above the $20,606 support level, reaching a high of $21,048 before the price dropped sharply.

image 305
Source: Coin360

The immediate support for support is present at the $20,606 level, which was its previous resistance before being broken by the bulls. If this support level holds, BTC/USD could move higher and test the $21,048 resistance level in the coming days. On the other hand, if the coin breaks below the $20,606 level, it could face further losses and test the $19,860 support level.

The trading volume has increased significantly in the last 24 hours, with more than $19 billion worth of Bitcoin being traded in that period. This indicates that there is strong support for BTC/USD and the bulls remain in control of the market.

Looking ahead, the market cap of Bitcoin is expected to reach a high of $404 billion in the near term, as investors are increasingly looking toward the cryptocurrency market. With more institutional players getting involved in Bitcoin and other cryptocurrencies, the crypto market looks set for growth in the coming weeks.

Bitcoin price analysis 24-hour chart: Tremendous increase in price as bulls regain momentum

The one-day Bitcoin price analysis is going positively for the cryptocurrency as there has been a considerable amount of increase in the price value. The price has surpassed the crucial resistance present at the $21,048 level today and is aiming for a further higher level. Currently, the price has reached $20,891, gaining 0.70 percent at the time of writing.

image 303
BTC/USD 24-hour chart, source: TradingView

The moving average (MA) for the 1-day chart is at $18,574 as there has been bullish activity during the last week as well, but the SMA 20 is still trading below the SMA 50. At the same time, the Bollinger bands are making an average of $17,537 in the 1-day BTC/USD price chart. The Bollinger bands are showing high volatility for the BTC price function as its upper and lower values are situated at the following marks; the upper limit is at $20,321 whereas the lower limit is at $14,753, also indicating the volatility has been towards the higher side for the day. The Relative Strength Index (RSI) score is 63.92, and the indicator is at the center of the neutral zone.

Bitcoin price analysis on a 4-hour price chart: Bulls in control of the market

The 4-hour Bitcoin price analysis chart shows the price is going high once again as the bulls have gained back their momentum during the past couple of hours. The BTC/USD price is settled at $20,891 and is expected to increase further in the coming hours. A swing high towards $21,028 was also observed at an instance, but resistance is also quite strong at that level.

image 304
BTC/USD 4-hour chart, source: TradingView

The moving average is at the $20,799 level for the 4-hour price chart as the bulls have gained the advantage of the situation as they have been able to reverse the continuous bearish trend. The Bollinger bands indicator shows the following values; the upper value is $21,192, and the lower value is $18,081, hinting at the scope for price fluctuations. The RSI score has also undergone improvement because of the recent uptrend and has reached the index of 84.03 as it moves toward the overbought region.

Bitcoin price analysis conclusion

Overall, the price trend of Bitcoin price analysis has been positive in the past few hours. The bulls have managed to overcome the resistance present at the $21,028 level and are now aiming for a higher price target. The technical indicators are also showing signs of bullishness as confirmed by one-day and 4-hour price analysis charts.

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.

Related News

Hot Stories

Bitcoin sells at a 60% premium in Nigeria as the government shifts to a cashless policy
China's step towards cryptocurrency regulations
ChainLink price analysis: LINK bearish at $7
The Winning Trio for 2023: Flow (FLOW), EOS (EOS), Orbeon Protocol (ORBN)
Porter Stansberry's New Documentary Explains How Two Men Changed the US Economy

Follow Us

Industry News

Bitcoin sells at a 60% premium in Nigeria as the government shifts to a cashless policy
China's step towards cryptocurrency regulations
Read why Floki Inu supply is set to decrease by 4.2 trillion FLOKI tokens
Chinese central bank former exec explains why China is wary of crypto
Binance burns 16m worth of BNB tokens; transitions from the ERC20 version of BNB to BEP2

Add Your Heading Text Here