The latest Bitcoin price analysis is bullish as the price covered an upward movement during the day. The bulls have been occupying the leading position for the past few days, and today the trend lasted in favor of the buyers once again. However, the bearish momentum was seen some hours before the session closed. BTC is now trading at a high of $23,005 after breaking above support at $22,654. And further, the analysis shows that the uptrend is expected to continue as long as the support holds.
The resistance level is set at $23,132 which is likely to be tested in the near future. On the other hand, if the market fails to reach this level, then a bearish move could follow. The 24-hour trading volume is also bullish with $22 billion which is still low compared to the overall market capitalization of $443 billion.
Bitcoin price analysis 1-day price chart: Bulls remain successful in crossing the $23,000 level
The one-day Bitcoin price analysis shows an increasing trend for the cryptocurrency as the coin value levels up during the day. Green candlesticks mark a bullish trend for the market, as the price accomplished its $23,132 target. The short-term trending line is now moving ascendingly, which further confirms the bullish wave that is now overpowering the bears.
The technical indicators are quite bullish, as the RSI is at a high of 84.15. This suggests that there is still some room for BTC to surge further in the market. The MACD too has also shown an uptrend as the signal line and histogram are both rising. This, together with the relative strength index indicates that the market is in favor of the bulls. Furthermore, the moving average (MA) value in the one-day price chart settles at the $22,665 level.
Bitcoin price analysis: Price takes an uptrend at $23,005 as bulls fight back
The hourly price analysis for Bitcoin price analysis supports the bulls as the price underwent a sudden increase in the past few hours. Although the bearish were controlling the market in the previous hours, currently, the circumstances are going in favor of the buyers. As the buying momentum intensifies, the coin value has receded past $23,005 in the last four hours. The moving average value in the hourly price chart is standing at the $22,990 level.
Moreover, the technical indicators are now showing a strong bullish trend as the RSI is currently at 57.19 and the MACD line is above zero. This indicates further that the bulls have taken over the market and they are likely to persist in their leading position in the near future. As of now, various analysts suggest that the price could touch $23,100 in the coming days. So, it is important to stay tuned and watch the market carefully. The 50-SMA and 200-SMA are also moving in an uptrend, which suggests that the bullish trend could continue.
Bitcoin price analysis conclusion
Overall, the Bitcoin price analysis is extremely bullish, and more gains are expected in a short time. The bulls are in control of the market, and if they manage to break through the resistance level at $23,132 then there could be significant gains. This could lead to a much higher surge that would open new opportunities for investors. However, it is important to keep a close eye on the market as any minor change can have serious consequences on the prices.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve
