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Bitcoin price analysis: steady market at $60,131

Bitcoin Price Analysis

TL;DR Breakdown

  • The prices are expected to go up.
  • The strongest resistance lies at $60,131
  • The strongest support lies at $56,468

Bitcoin price analysis reveals that the king of cryptocurrency has experienced a flash-crash in the last five days and is steadily rising. There isn’t a clear pattern showing in the variation of the price of the cryptocurrency.

BTC/USD 4-hour price chart: the market is losing its Volatility

The Bollinger’s band’s Bitcoin price analysis shows that the volatility has decreased in the past few days. The lower limit of the Bollinger’s band resting at $56,468 is the support, and the upper limit at $60,131 is the resistance. Observing the moving average curve, we have deduced that the price crosses over the curve signifying a positive incline, meaning the market follows a bullish trend.

Bitcoin price analysis: steady market at $60,131 1
Bitcoin 4-Hour Price Analysis Chart Source: Trading View

The observations based on the Relative Strength Index (RSI), equal to 39, indicate that the assets are slightly moving towards the undervalued side. This means that the bulls are losing their grip on the market. The bulls will have to step up their game to reclaim their previous stronghold. Meanwhile, the bears are trying to snatch the market for themselves. The decreasing volatility indicates that the prices of the assets are less prone to change. They may or may not, but they are likely not to change.

Bitcoin price analysis: market volatility increasing

The Bitcoin price analysis of the 1-day price chart shows that the cryptocurrency market’s volatility shows an increasing trend, so the price of the assets is prone to more change on either side. The upper limit of the Bollinger’s Band is $68,257 being the resistance, while the lower limit of the Bollinger’s Band rests at $56,104, being the support. The moving average of the chart is crossing over the curve, which indicates a positive incline. The positive gradient is and an indication of a bullish movement.

Bitcoin price analysis: steady market at $60,131 2
Bitcoin Price 1-Day Price Analysis Chart Source: Trading View

By analyzing the Relative Strength Index (RSI), we conclude that the assets of Bitcoin don’t show variable changes in prices. They remain in the middle, neither oversold nor undervalued. This means that neither bulls nor bears are dominating the market; both are in the same position. Since the volatility trend is increasing, the prices may show variations that can go to either extreme. It’s only a matter of time before the costs escalate or collapse.

Bitcoin price analysis: conclusion

The bitcoin price analysis concludes that the current behavior of the reigning king of cryptocurrency is following a relatively bullish trend, tiring away at the $70,000 mark. The chart analysis shows steady bullish momentum; on the contrary, the prices have fallen even below $60,000 as predicted before due to fluctuating support values.

We have observed that the current stable resistance lies between $60,000 to $68,000. This means that the bulls are coming in very strong and are controlling the market; the bears need to step up their game if they hope to decline the price of the assets and capture the market.

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. 

Andrew

Andrew

Andrew is a journalist and cryptocurrency enthusiast who writes for the love of blockchain and cryptocurrency. He possesses vast knowledge of cryptocurrency, blockchain and other fintech and tech-related areas he has been covering for a long time.

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