Bitcoin price analysis: BTC surges above $27,500 as market sentiment remains positive

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis shows a strong surge above $27,500 in the past 24 hours.
  • BTC/USD currently stands at $27,571, with a surge of 3.70 percent.
  • The strong resistance at $27,787 has been breached with bullish momentum.

The Bitcoin price analysis is still in a bullish trend, and the sentiment in the market remains positive. The BTC/USD is currently trading near the $27,800 level, with a massive surge of 3.71 percent over the past 24 hours.

The Bitcoin price analysis has been slowly rising since the beginning of this week, with more buying pressure being observed in the market. The bullish momentum is expected to continue as the Coin is supported by strong buying pressure and a good technical outlook.

The bullish market is being driven by high-volume trading as well as institutional investors entering the market. The increasing popularity of Bitcoin among mainstream investors has also helped to propel its value higher.

The short-term outlook for BTC/USD is still bullish, despite some minor pullbacks in recent days. The next resistance level is at $28,000 and could be a key target in the coming days if the current momentum continues. However,  if the selling pressure increases, the price could drop back to the $26,000 range.

Bitcoin price movement in the last 24 hours: BTC/USD gains strong bullish momentum at $27,571

The 24-hour chart for Bitcoin price analysis shows strong positive sentiment as the price has surged above $27,500. The BTC/USD pair is now trading near its all-time high of $27,787 and could break this level in the coming days. The buying pressure is still strong, with more buying observed in the market.

At present, BTC is trading within a tight range, and it has been consolidating for quite some time. The trading volume for BTC has increased significantly to $43 million over the past 24 hours, indicating that more investors are eager to get involved with the coin. With a market capitalization of $531 million, with an increase of over 3.71 percent over the past 24 hours, it is clear that the Bitcoin market is still in a positive light.

image 369
BTC/USD 1-day chart, source: TradingView

The Moving Average (MA) value is $24,046. The MACD is currently bullish, as expressed in the green color of the histogram. However, the indicator shows high bullish momentum, as observed in the deeper green color. The RSI has been trading in the overbought zone, which further confirms the dominance of the bulls.

Bitcoin price analysis: Bulls aims to break the resistance level of $27,787

The 4-hour Bitcoin price analysis indicates that cryptocurrency has gone through an uplift which has taken the price value to $27,571. The last hours have been highly profitable for the buyers as the bullish candlestick continues to grow, highlighting bullish momentum.

image 368
BTC/USD 4-hour chart, source: TradingView

The RSI is trading at 74.91, and it has been consistently hovering in the same range since yesterday’s close. The MACD is also trading in the bullish zone and has been increasing since the start of the week. In addition, the Signal line is also trading above the MACD line, indicating a bullish trend. The 50-day MA is currently at $27,487, and the 200-day MA is at $27,485. The hourly moving average indicator is currently at $27,086, just below the current price.

Bitcoin price analysis conclusion

Overall, the Bitcoin price analysis shows bullish sentiment in the market and is likely to continue for some time as long as there is strong buying pressure behind it. The bulls are expected to target a break above $28,000 if they can manage to breach the resistance at $27,787. The buying pressure is likely to remain strong as long as the technical indicators continue to display a bullish trend.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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

US presidential hopeful and the current governor of Florida calls for CBDC ban
Aavegotchi creators make history with epic multiyear token sale
Filecoin (FIL) Price Prediction – Orbeon Protocol (ORBN) Prepares For 60x Returns Ahead Of Exchange Listing
Polygon (MATIC) price prediction: Cardano (ADA) remains steady while Orbeon Protocol (ORBN) surges 2093% higher
Tips to Build A Long Term Cryptocurrency Portfolio

Follow Us

Industry News

US presidential hopeful and the current governor of Florida calls for CBDC ban
Aavegotchi creators make history with epic multiyear token sale
Mastercard to Settle Transactions for Stablecoin Wallet in APAC
Ripple Labs cites Voyager Digital ruling in XRP Vs SEC lawsuit
US Supreme Court to hear first-ever crypto lawsuit on Tuesday

Add Your Heading Text Here