The Bitcoin price analysis shows a positive trend in today’s session as the bullish momentum is back to the market. BTC surged above $29,000 after a brief period of consolidation and is currently trading at $29,293. The recent surge in the Bitcoin price can be credited to the increasing buying pressure from institutional investors.
The previous day the bearish trend line was broken above the $29,000 level and BTC formed higher highs. The trading volume for the token is also increasing, indicating that the bulls are taking control of the market. Currently, the market capitalization is present near $561 billion and gaining around 0.02 per cent.
Bitcoin price analysis 24-hour chart: BTC breaks above $29,000, targeting the $30k level
The 1-day price chart for Bitcoin price analysis shows bullish price action as the price of BTC/USD has recovered to $29,293 till the time of writing and a gain of 1.7 per cent today. The 24-hour chart suggests that the bulls are back in full control of the market as a decisive break above $29,000 was made yesterday. Currently, BTC is trading near its immediate resistance level of $29,871 and if the bulls manage to push it further up then we can expect more gains in the price.
The volatility is high as the Bollinger bands are widened indicating that the price of BTC is likely to remain volatile in the upcoming sessions. The upper Bollinger band is located near $31,258 and the lower Bollinger band is present at $26,956. The overall sentiment of the market is bullish as shown by the MACD indicator which is in positive territory with a positive crossover. The RSI indicator also gives similar signals and currently stands at 55.02 which indicates that buyers are in control of the market
Bitcoin price analysis: Recent developments and further technical indications
The 4-hour price chart for Bitcoin price analysis further confirms the bullish trend as it shows a continuous increase in price since the start of today’s session; still, green candlesticks have been appearing for the last past few hours, indicating that the buyers are in control of the market. The bulls and bearish had a brief moment of consolidation near the $29,000 level but the bullish momentum picked up and BTC surged above $29,293.
The 4-hour Bollinger bands have widened indicating that the volatility is still high and we can expect some more price movements in the upcoming sessions. The upper Bollinger band is located near $30,213 while the lower one stands at $27,273, indicating that the price is likely to remain in this range. The RSI indicator has maintained its position near 56.45 indicating overbought conditions; however, if the buyers manage to hold their ground then we can expect some more gain in the BTC price. The histogram of the MACD indicator is in green territory and is moving upwards, indicating more bullish momentum.
Bitcoin price analysis conclusion
In conclusion, Bitcoin price analysis shows a bullish trend today with BTC regaining its bullish momentum at $29,293. The current price action is indicating that the bulls have gained control of the market and if they manage to push up further then we can expect BTC to break above $30K in the upcoming sessions. However, it is important to keep track of the technical indicators as any bearish crossover or rejection near resistance levels could lead to a change in the trend.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve
