The Bitcoin price analysis shows a bullish movement after a long period of consolidating. The BTC/USD pair surged above the $27,935 support level, confirming a bullish trend as the bulls are now targeting the $28,881 resistance level, which was breached earlier today. The journey to reclaim the $29,000 psychological level is likely to be a bumpy one if the bullish trend continues. on the downside, there is a healthy support level at $27,935, and if the price falls below that level, a bearish trend could emerge. The BTC is showing a slight improvement in price today, as the price has slightly improved up to the $28,571 level, with an increase of over 1.72 per cent, with buyers seemingly being more successful in pushing the prices higher.
Bitcoin price analysis daily chart: Bulls gain momentum at $28,596 as buyers dominate
The daily chart for Bitcoin price analysis shows a bullish trend after BTC broke out of the bearish pattern. The past few days the bullish and the bearish forces were in a tug of war but the bullish pressure managed to push Bitcoin past the resistance level. The buyers are now aiming at reclaiming $29,000 and pushing BTC higher. The bulls have taken the price to $28,571, and now the coin has increased in price over the last 24 hours, but on the other hand, the coin is still at a loss of 1.10 per cent over the past week. The trading volume has also increased by 2.82 per cent, and the market cap went up by 1.99 per cent today, which has resulted in a market dominance of 46.24 per cent.
On the BTC 24-hour price chart, the upper and lower Bollinger bands are touching $30,898 and $27,004, respectively. This movement indicates that BTC bullishness is growing, as the price is heading towards the upper band and away from the lower band, signalling a probable upswing soon. The RSI is also in neutral territory at 49.78, which indicates that BTC is in the middle of a range with no clear direction. The MACD line is well above the signal line and positive, indicating that buyers are still in control of the market.
Bitcoin price analysis: Recent developments and further technical indications
The 4-hour price chart for Bitcoin price analysis is giving out a bullish signal as well, as the bulls have ruled the price charts for the past few hours consecutively, the bullish lead is still prominent as the balance of power is on the bullish side, and the price is trading in greens.
The Relative Strength Index rating of 48.41 indicates that the price is in a neutral zone but if bullish momentum persists, the overbought marker of 70 could be reached soon. The Moving Average Convergence Divergence is also in the bullish zone and gives out positive signals. The histogram bars are increasing and going higher up, signalling a bullish trend. The Bollinger Bands are also in the same condition as the upper band is at $29,539, and the lower band is at $27,760.
Bitcoin price analysis conclusion
Overall, the Bitcoin price analysis shows a bullish trend, with buyers looking to reclaim the psychological level of $29000 in the near future. However, if the bulls fail to break past the resistance at $28,881, then the bearish pressure could come back into play, and the price could start to fall once again.
While waiting for Bitcoin to move further, see our long-term price predictions on Chainlink, VeChain, and Axie Infinity.
