The most recent Bitcoin price analysis suggests that bulls are back in control of the market and are at the helm. The digital asset has gained 0.70% over the past 24 hours and is currently trading around $22,984 after breaking through the $22,692 support level. The current price action indicates a strong bullish sentiment amongst cryptocurrency traders as Bitcoin continues to defy the odds and reach new all-time highs. The support level of $22,692 has been breached, while the resistance level is currently at $23,119.
The overall sentiment in the Bitcoin market is positive and traders are expecting further gains if the current trend continues. The bulls are targeting the $23,000 mark and could potentially push prices higher if the momentum remains intact. This means that Bitcoin could move into a new trading range and reach even further highs.
BTC/USD 1-day price chart: Bullish sweep marks price movement above the $22,692 level
The 24-hour Bitcoin price chart shows a significant bullish sweep that pushed the cryptocurrency above the $22,692 support level. The bulls have managed to hold on to their gains and keep prices above this key level for over 24 hours now. This indicates that traders are confident in the potential for further upside and could potentially push prices even higher in the near future. The trading volume has also remained high and is currently at $24 billion, while the market cap is at $443 billion.
Looking at the 1-day technical indicators, the Relative Strength Index (RSI) is currently at 72.29, which suggests that the market is slightly overbought but still has some room to go higher. The Moving Average Convergence Divergence (MACD) showed a bullish crossover and is currently hovering near the -238 level, which could provide more upside momentum for Bitcoin in the coming days. The 20-SMA (Simple Moving Average) and 50-SMA are also supporting the bulls and suggest that further gains could be in store. The moving average (MA) score, which is currently $23,179, is still higher than the current price level.
Bitcoin price analysis: Bullish sentiments remain as cryptocurrency continues its surge
The hourly Bitcoin price analysis paints a very bullish picture of the cryptocurrency and suggests that traders remain confident in extending its gains. The selling pressure is still low as bulls managed to hold on to their gains and keep prices above the $22,692 support level. The previous day the bearish momentum was minimal and the digital currency surged up through the support level.
The hourly MACD is also currently in a bullish trend, which could provide further upside momentum for BTC/USD. The histogram is in green and is trending higher, which indicates that the bulls are in control of the market. At the same time, the moving average is trading at $22,922, which is still far below the SMA 50 and SMA 200. The RSI has enhanced up to 39.01 showing that Bitcoin is in overbought territory but still has some room for the upside before hitting a ceiling.
Bitcoin price analysis conclusion
The bulls have been reigning high, as confirmed by Bitcoin price analysis, the steep decline in the price level has been stopped now. And an overpowering bullish wave dominated the market today, and the BTC/USD price has increased up to $22,984. The bullish current is expected to intensify in the upcoming hours as bulls aim for a $23,119 target.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve
