Bitcoin price analysis: BTC recovers at $20,634 as the market enters a bullish  territory

Bitcoin price analysis

TL;DR Breakdown

  • The Bitcoin price analysis shows a positive market trend after a massive buying-off.
  • Bulls gain control as the BTC market faces rejection at the $20,721 level.
  • The Bitcoin price analysis shows a bullish trend at the $20,635 mark.

The latest Bitcoin price analysis reveals that the market for  BTC has entered bullish territory after the massive buying-off. The bulls have taken control of the market today after a long period of bearishness. The BTC market faced rejection at the $20,721 level, which resulted in a decrease in value followed by an uptrend.

image 255
Cryptocurrency price heat map, Source: Coin360

Due to the Silicon Valley Bank (SVB) collapse on March 10 has sparked fear, uncertainty, and doubt (FUD) in the digital asset markets; BTC has regained strength despite negative news. Currently, the digital currency is trading back above the $20,000 mark.

The market capitalization for  BTC has also increased to $398 billion, and the 24-hour trading volume stands at $20 billion as of today. The positive market trend is likely to continue in the coming days, given that the bulls remain in control of the market as more buying-off occurs.

Bitcoin price analysis for 1-day chart: Market maintains momentum above $20,500

The 24-hour chart for Bitcoin price analysis shows that the market is moving in a positive direction, maintaining momentum above the $20,500 level. The past few days had observed a continuous bearish streak in the BTC market, but the buying-off pushed the prices back up with the bulls dominating the market. The market for BTC/USD has gained nearly 1.76 percent in the last 24 hours, and it is likely to continue its bullish trend in the near future.

Looking at the technical indicators, the Moving Average Convergence Divergence (MACD) indicator is in the positive zone. The MACD line is trading above the signal line on the daily chart. The histogram further confirms the bullish sentiment in the market as the bar is currently in the green color, which indicates an increase in buying pressure.

image 253
BTC/USD 1-day chart, source: TradingView

The Relative Strength Index (RSI) is also bullish as it trades above the 30-level at $39.06 on the daily chart. This suggests that there is still some buying pressure left in the market, and if this trend continues, then we could see further gains for Bitcoin. The moving average is also bullish as the 50-day and the 200-day are both trending above the current price. This suggests that the market is still in a strong uptrend.

BTC/USD 4-hour analysis: Bulls aim to break past the $20,721 resistance

The 4-hour chart for Bitcoin price analysis shows that the market is continuing its bullish trend. The bulls have made multiple attempts to break past the $20,721 resistance level but haven’t been able to do so yet. However, if the bulls manage to break past this level, then we could see a further surge in prices. The support level that was established during the correction phase at $20,225 is still being held. This indicates that the market sentiment is still bullish as buyers continue to accumulate BTC/USD.

image 254
BTC/USD 4-hour chart, source: TradingView

The MACD indicator on the 4-hour chart is also in the positive zone and has formed a bullish crossover above the signal line. Additionally, the MACD histogram is also trading above the zero-line, which confirms the bullish trend. The RSI indicator is also bullish as it trades just below the 48.79 level at 41.38 on the 4-hour chart. This shows that there is still some room for price appreciation in the near future if buying pressure remains intact. The moving average is also bullish as the 50-day and 200-day both are trending above the current price.

Bitcoin price analysis conclusion

Overall, it appears that Bitcoin price analysis is indicating a strong uptrend in the near future. The market has regained its strength, and the bulls remain in control of the market, as indicated by the various technical indicators. If buying pressure remains intact, then we could see further price appreciation in BTC/USD in the coming days. However, if there is any negative news or a sudden sell-off, then the market could take a bearish turn.

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.

Related News

Hot Stories

How is a Blockchain Consortium Important for the Growth and Development of Enterprises?
America is losing the blockchain battle - Here's why
The 7 Benefits of Cryptocurrency Payments for Online Casinos
Litecoin price analysis: LTC/USD stumbles at $89.18 after a bearish signal
How To incorporate Crypto Into Your Business Model

Follow Us

Industry News

Elizabeth Warren builds her re-election campaign on the back of crypto regulation
Matt Damon breaks silence on controversial CryptoCom ad
Sam Bankman-Fried to plead not guilty to campaign financing and bribery charges
Japan launches expert panel to explore the feasibility of digital Yen
Industry leaders call for KYC measures to tackle "biggest issue" in DeFi

Add Your Heading Text Here