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.
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.
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.
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 XDC, Cardano, and Curve
