Bitcoin price analysis is still going on the bullish side as the BTC /USD pair is currently trading above the $24,000 level. With recovery from its week’s low of $21,473, the pair is currently trading at $24,736. As per the analysis, the bulls are getting resistance from the price level of $24,815, which is the high reached in the previous session.
Further advancement from the bullish side is to be expected as the support is stabilized below the $24,574 level. This indicates that the buying sentiment has increased and momentum is sustained on the upside. The buyers are trying to push the pair higher, while the sellers are looking to limit the gains, However, a good volume is needed to make sure the price stays above $24,000.
BTC/USD 1-day price chart: Bulls overcome bears after being grounded for a while
The given one-day price chart for Bitcoin price analysis is showing that the price is slowly gaining momentum and is starting to move higher. The day has been quite supportive for the buyers as more and more green candlesticks are securing their positions on the price chart. The previous week the bearish momentum had dragged the pair toward the $21,473 level before the buyers took control and pushed the price higher.
The BTC/USD has gained about +12.3% for the last week and has been trading above the $24,000 level for the past few days. The market capitalization has also increased to $478 billion which is supporting the bullish sentiment, And the trading volume for the pair is currently at $18 billion, a sign of good buying pressure.
The technical indicators on the one-day chart are also supporting the bullish sentiment with the Relative Strength Index (RSI) indicating that BTC/USD is in overbought territory, which suggests that buyers should keep an eye out for a possible correction. The MACD indicates a bullish crossover and is in positive territory. The moving averages are also supporting the bulls as the 50-day MA has crossed above the 200-day MA. The moving average is at $23,292 which shows that the price is firmly in bullish territory.
Bitcoin price analysis: Bullish pressure results in a higher price near $24,736
The 4-hour chart for Bitcoin price analysis shows that the bars have been quite high for the bulls today. The circumstances have been highly favorable for the bulls for the past several hours as the bulls are dedicated to crossing the $24,815 price level. The bulls are progressing at a very slow pace as the moving average (MA) is still ahead of the current price at $24,654.
The technical indicators on the 4-hour chart also suggest a bullish tilt. The Relative Strength Index (RSI) is overbought at 66.96, suggesting that the bulls should be cautious and prepare for a possible pullback. The MACD is also in bullish territory and has crossed above zero, indicating more buying pressure. The histogram is in green bars and is widening, suggesting that the buyers are gaining momentum.
Bitcoin price analysis conclusion
To conclude, the Bitcoin price analysis is still optimistic as the bulls are looking to make a major push above $24,736 and target higher prices near $24,815. The buyers should be cautious and watch out for any sudden sell-off near these levels as the technical indicators have already entered the overbought territory. If the bulls are able to maintain their buying pressure and the technical indicators remain in positive territory, then the pair may have a good chance of breaking above $25,000.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve
