Bitcoin price analysis: BTC gains momentum above $23,000 after a bullish surge

Bitcoin price analysis

TL;DR Breakdown

  • BTC is currently trading hands at $23,172 after a 1.87% gain in price
  • Bitcoin price analysis shows that the digital asset is currently in an uptrend
  • Resistance for BTC/USD is at $23,193 which might limit further gains

Bitcoin price analysis shows that the digital asset has found buyers at the current price levels. The digital asset has gained more than 1.64% since yesterday and is now trading in an uptrend. The highest point for BTC/USD was $23,193 which might provide resistance to further gains.

image 674
Cryptocurrencies price heat map, Source: Coin 360

Bitcoin continues to remain well supported above the $22,657 support level as buyers have been flooding into the market. The next major support level lies at $22,600 and if BTC/USD falls below this level, it could signal a bearish reversal.

On the upside, resistance for BTC/USD is seen at $23,193. If bitcoin breaks past this resistance level then the cryptocurrency could record further gains in the coming months. Bitcoin is expected to maintain its uptrend as long as buyers remain in control of the market.

The digital asset has a 24-hour trading volume of $22 billion according to CoinMarketCap and is currently the largest cryptocurrency by market capitalization. Bitcoin has been showing strength for the past few weeks after surging above 23,000 and could continue to record further gains in the near future.

BTC/USD 24-hour price analysis: BTC/USD returns to $23,172, increasing chances for recovery

The 24-hour, Bitcoin price analysis gives encouraging news for cryptocurrency buyers, as the price has increased significantly during the day. The coin is currently trading at $23,172 at the time of writing, and chances are there for further increases in price levels if bulls show consistency.

image 676
BTC/USD 24-hour chart, source: TradingView

Looking at the technical indicators 20-SMA, 50-SMA, and 100-SMA are trending above the current price and acting as levels of support. The RSI is above 60 which suggests that there is still some room for a bullish trend to continue. The moving average convergence divergence (MACD) is also in the bullish region, which means that buyers are likely to remain in control of the market. The moving average indicator is currently at a $23,021 level and could increase if the bulls manage to break past the current resistance levels.

Bitcoin price analysis:  Bullish momentum is likely to continue in the near term

The hourly Bitcoin price analysis is also in support of the buyers today as the price has constantly been increasing. The green candlesticks are marking a rise in price over the past four hours.  The buying pressure on the hourly chart is also increasing, more gains can be expected in the near term.

image 675
BTC/USD 4-hour chart, source: TradingView

The MACD on the hourly chart is also in bullish territory with histogram widening, which is an indication of positive momentum. The RSI is over 50, and the Stochastic is in the bullish zone, both hinting at further gains on Bitcoin within the next few hours or days.  The moving average value in the four-hour price chart is standing at the $22,964 level after crossing above the SMA 50 curve.

Bitcoin price analysis conclusion

To conclude, the Bitcoin price analysis shows that the bulls are still in control of the market and the digital asset could continue to increase in value as long as buyers remain in control. The technical indicators are also flashing positive signals and buyers could benefit if the BTC/USD pair breaks past the $23,193 resistance level. As of now, it appears that the bulls are in control and further gains are likely in the near term. However, a steep rejection at this point could limit further gains.

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.

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