Bitcoin price analysis: BTC surges above $28,000 as bullish activity grows

TL;DR Breakdown

  • The BT value has leveled up to $28,408 in the past 24 hours due to the bullish pressure.
  • Bitcoin price analysis is up by a whopping 0.45% as the bullish activity takes hold.
  • The support level for the cryptocurrency is still strong at the $28,155 mark.

The latest Bitcoin price analysis shows a bullish trend is growing in the crypto market. The BTC price has surged above $28,000 as investors look to capitalize on the strong bullish activity. This surge comes after a relatively stable period in the market. The current market level for BTC is at $28,408 and it is up by 0.45 percent as of this writing.

The support level for the cryptocurrency is still strong at the $28,155 mark and it looks like the bulls are ready to take charge in the upcoming days. The market is also showing signs of increased liquidity which could be an indication that more investors are entering the crypto space. Moreover, the Bitcoin hash rate has also been steadily increasing over the past few days, meaning that more buying pressure is being exerted on the cryptocurrency.

Bitcoin price analysis 24-hour price chart: BTC bounces back to $28,408 as bulls strike back

The 24-hour chart for Bitcoin price analysis shows a bullish trend is slowly emerging as the bulls take charge. The 24-hour chart for BTC indicates that the cryptocurrency has surged from $28,155 to its current level of $28,408 in a span of just one day. This surge came in response to increasing demand for digital assets and suggests that investors are getting optimistic about its future prospects.

The 24-hour trading volume for BTC has also been on the rise and currently stands at $20 billion, indicating a strong demand for cryptocurrency. The market capitalization for Bitcoin is also on the rise and currently stands at $549 billion. The circulating supply for BTC is currently at around 19.33 million coins, according to data from CoinMarketCap.

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BTC/USD 1-day chart, source: TradingView

Furthermore, Bitcoin’s Relative Strength Index (RSI) has also risen to the 64.35 mark, indicating that the asset is currently in a neutral zone. This means that the asset could either go up or down, but the current trend suggests a bullish future. In addition to this, Bitcoin’s MACD and Stochastic Oscillator indicators have also been trending upwards, indicating that bearish activity has slowed down in recent days. The Moving average (MA) has also turned bullish, indicating that the asset is gearing up for a further uptrend.

Bitcoin price analysis 4-hour chart: The resistance level for BTC is at $29,159

The 4-hour chart for Bitcoin price analysis indicates that the asset has been trading in a narrow range over the past few days. The resistance level for BTC is currently at around $29,159 and it looks like the bulls are having a tough time breaking through this level, and if the bull persists, then BTC could see reaching the $30,000 mark in the coming days.

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BTC/USD 4-hour chart, source: TradingView

The Moving Average Convergence Divergence (MACD) for BTC is currently indicating a bullish sentiment as the histograms have moved into the positive zone. The MACD line is also trending above the signal line, indicating a stronger bullish sentiment. Furthermore, the Relative Strength Index (RSI) is currently at 58 and is moving toward the overbought zone, which suggests that there could be further upside potential for Bitcoin. The 50-day moving average and 200-day moving average has also turned bullish, indicating that the asset’s trend is in an uptrend. The moving average is currently at $28,433 just above the current level.

Bitcoin price analysis conclusion

In conclusion, Bitcoin price analysis shows that the cryptocurrency is currently in a bullish trend and could potentially reach $30,000 in the coming days. The support level for BTC is still strong at the $28,155 mark and it looks like the bulls are ready to take charge in the upcoming days. Furthermore, increased liquidity and hash rate are also indicating that more investors are entering the crypto space, which could push BTC toward new highs.

While waiting for Bitcoin to move further, see our Price Predictions on XDCCardano, 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.