Bitcoin price analysis shows the coin is trying to recover after crashing to the level of $21,674 yesterday. Bulls have taken over the control of price function as a small increase in price has been observed today as the BTC/USD is recovering from the loss. Bitcoin has been trading in the range of $21,674 and $22,060 over the last 24 hours which is slightly higher than yesterday’s levels.
Currently, bulls are attempting to break the resistance level of $22,060 which is a major hurdle for them. If bulls manage to cross this level then Bitcoin could climb higher and reach the next resistance at $22,500. On the other hand, if bears manage to drag prices below the support level of $21,674 then BTC/USD can plunge towards $21,500 and further downside.
Bitcoin price analysis 1-day price chart: Bulls struggling for recovery
The 1-day price chart for Bitcoin price analysis shows an increase in price for today as BTC is trading at $22,023 at the time of writing. Bitcoin is up by more than 1.5% over the last 24 hours and bulls are struggling to keep up the price above $22,000. The buying-selling is increasing as more traders are entering the market. The market cap for the cryptocurrency stands at $420 with an increase of 1.31% over the last 24 hours, while the 24-trading volume is $16 billion. The market dominance of Bitcoin is also increasing and currently stands at 63.3%.
The MACD chart is still bullish and shows an uptrend which indicates that bulls are taking control of the market and can push prices higher. The MACD line and the signal line are both positive which indicates that the momentum is still on the bulls’ side. The RSI chart, however, is showing an overbought situation as it stands at 61.24. The moving average indicator is also showing an uptrend which indicates that further gains can be made in the near future.
Bitcoin price analysis: Recent developments and further technical indications
The 4-hour Bitcoin price analysis shows the price started to recover after the mid-session yesterday following a decline of a greater impact. The recovering process is slow and comparatively is very small chunks, even today bears tried to damage the price value, but bulls took over the price function again, as the last candlestick is green after the red candlestick. The buyers and sellers are coming to a balance as the market continues to be volatile.
The price just traveled above the moving average, which is present at $21,846, and the RSI now shows a little upwards curve, hinting at an increase in the buying activity. The RSI is currently being traded at 35.48. The Moving average converges divergence (MACD) is at 71.32 and the indicator line is below the signal line, indicating bearish momentum. The histogram is in red, which shows that the bearish sentiment is still prevailing in the market.
Bitcoin price analysis conclusion
The Bitcoin price analysis seems to be continuing its upward, as the overall BTC price analysis portrays. The cryptocurrency market has seen a great recovery in the last 24 hours and currently stands at its highest level. The buying pressure is increasing and the market sentiment is still bullish. Both daily and hourly charts are indicating a possible bullish move in the near future, therefore investors should be aware of the levels and take advantage of any opportunity to increase their profits.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve