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Bitcoin price analysis: BTC has surged by 12, pushing its all-time high to nearly $24,597

Bitcoin price analysis

TL;DR Breakdown

  • Bitcoin price analysis shows a strong bullish movement  today
  • BTC/USD has surged above $24,500 and smashed the all-time high
  • The cryptocurrency is facing rejection at the $24,769.24 level

The most recent Bitcoin price analysis for today shows a strong bullish movement. A significant amount of increase in BTC value has been observed as the price has increased up to $24,597 because of the latest upturn. The past few weeks proved detrimental for the overall coin value, and even the last week shows mixed results, but today the situation is turning favorable for the buyers because of the increasing trend.

The bullish move was also accompanied by healthy volume and buying pressure seen on the daily chart. A strong breakout was seen above the $23,000 level and slowly the price made its way to the $24,500 level. This is a major milestone that BTC/USD has passed because, for the first time ever, it crossed an all-time high of nearly $24,597.

The 24-trading volume for the top coin is also looking quite healthy. As of writing, it stands at $34 billion which means that the buyers are still in control of the market and pushing further, while the market cap is at $472 billion with an increase of 7.74%.

Bitcoin price analysis 1-day price chart: BTC upgrades up to $24,597 after bullish uplift

The one-day Bitcoin price analysis is showing signs of a bullish trend as more buying activity has taken place in the last 24 hours. The buyers are active today and putting in their efforts to maintain the bullish trend, and the price has been uplifted to $24,597 gaining 12 percent in the last 24 hours.

Although the last week’s bearish pressure was seen, today a surge in the prices has been observed. However, it should be noted that the coin is currently facing rejection at the $24,769.24 level and may take a few attempts before it can cross this hurdle. For now, support levels are still strong at around $22,664 and if the buyers lose control then this will act as a cushion for the coin.

image 279
BTC/USD 24-hour chart, source: TradingView

The price yet has to cross the moving average (MA) value at $23,533 so that it can sustain its bullish movement. The Relative Strength Index (RSI)  is now touching index 68.89 after the latest bullish activity. The RSI also shows a strong buy signal with a bullish crossover at the  60 levels. This is a good indicator that the buyers are in control of the market and they will push even further if the price finds support at higher levels. The MACD indicator is indicating a buy signal as the MACD line is above the signal line.

Bitcoin price analysis: Recent developments and further technical indications

The four hours Bitcoin price analysis confirms that the cryptocurrency has been following an uptrend for the past 24 hours. The bulls have been leading the market for a while, although a gradual drop in price was also observed earlier this week. But now, the bulls are back on track as the price has been rescued up to the $24,597 mark.

image 280
BTC/USD 4-hour chart, source: TradingView

The moving average value in the four hours price chart has been maintained at $23,693. The RSI is also confirming the positive trends and has reached index 78.35 which signals that buyers are in control of the market. The Moving average convergence divergence (MACD) is also indicating a bullish trend with the signal line crossing above the MACD line. The histogram is in the green territory which confirms the buying pressure.

Bitcoin price analysis conclusion

In conclusion, Bitcoin price analysis is currently trading in an uptrend and the buyers are in control of the market. The price is on its way to recovery and has increased up to $24,597 because of the upward trend. If the bulls remain persistent, further improvement in the coin value is to follow in the approaching week.

While waiting for Bitcoin to move further, see our Price Predictions on XDCPolkadot, and Curve

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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