The most recent Bitcoin price analysis shows that the bulls have maintained their grip on BTC, lifting it up to a new all-time high at $23,431. The cryptocurrency has formed a bull flag pattern between the key levels of $22,908 and $23,455. The buyers have managed to hold above the critical support level of $22,908 forming higher lows at regular intervals. This is indicative of the underlying strength of the digital asset that has been on a firm uptrend in the last 24 hours, moving from an intraday low of $22,908 level and reaching a high of $23,431 in the same time period.
Although a noticeable drop in price occurred earlier, the bulls have been able to recover and have managed to take the price above $23,400 yet again. The price may increase further in the upcoming hours as well, which is highly motivating for buyers.
Bitcoin price analysis 1-day price chart: Price undergoes a breakout above the $23,400 level
The 1-day Bitcoin price analysis shows the price has increased today as the price function is continuously upwards. BTC is currently trading hands at $23,431, as the cryptocurrency had gained around 1.97 percent value at the time of writing. However, there is strong resistance at $23,455 which can play a major role in deciding the future price trend of BTC. A break above this key level might take the cryptocurrency towards its next target of $24,000. BTC/USD trading volume is currently at $19 billion, while the market cap is at $491 billion.
The Relative Strength Index (RSI) is currently at 83.13 as the price continues to increase, indicating high buying pressure in the market. The MACD for the BTC/USD 1-day chart shows a bullish crossover as it is trading in the positive territory above the 0 levels. The 50-day Moving Average is also above the 100-day Moving Average, indicating a bullish trend in the market. The moving average is at $22,959 just below the current market price.
BTC/USD 4-hour price chart: Bulls aiming for $23,467 as their next target
The 4-hour Bitcoin price analysis shows the price movement is steeply upwards from early today as the trends have turned in favor of the bulls. The crypto pair made good progress last week and continued upside till now. The price function has been headed upward for the past few hours; a correction may take place as the bulls might be exhausted by now.
The greenback has been providing resistance to the price near the $23,455 level and if it is breached then the bulls may proceed further toward their next target of $24,000. The Relative Strength Index (RSI) is currently at 56.52 showing strong buying pressure in the market. The moving average is at $23,112, a few points lower than the current market price. The MACD for the BTC/USD 4-hour chart shows a bullish crossover with the MACD line over the signal line, indicating a bullish trend in the market. Overall, the bulls remain in the driving seat as BTC establishes its foothold again, reaching $23,431.
Bitcoin price analysis conclusion
Overall, the bullish trend will remain intact as long as BTC stays above $22,908. The buyers are taking advantage of this opportunity to drive the prices higher and break through the $23,455 resistance level. The buying pressure is strong and the bulls have been able to make progress. The technical indicators are also in favor of the bulls as they remain optimistic about BTC’s future price trend.Â
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve
