The Bitcoin price analysis shows an uptrend in BTC market activity which resulted in the price rising above $30,400. The cryptocurrency has seen an explosive surge to the top $30,497 levels but is facing rejection near the $30,556 mark. That said, bulls remain in control and are likely to carry the price higher toward the next major target of $31,000.
On the downside, strong support is present near the $29,725 level. If BTC fails to stay above this key level, it could face a further drop toward the next major support at $28,500. A break below $28,500 could open the doors for a larger correction in Bitcoin. However, the bulls are expected to defend this crucial level and push the price higher.
The previous week, the BTC was trading around the $28,000 level and the quick surge above the $30,000 level shows that buyers are in control. This has seen a strong surge in trading volume and the market sentiment is bullish. The market capitalization has also been growing, and this is likely to continue in the near term. Currently, the market cap and trading volume of Bitcoin stand at $588 billion and $17.78 billion, respectively.
Bitcoin price analysis 24-hour chart: BTC rallies above $30,400 as bullish takes control
The daily Bitcoin price analysis is in favor of the cryptocurrency buyers, as the coin value is enhanced during the day. The price underwent a significant improvement as the bulls reigned the market. Today, a rise in BTC/USD value was detected again as the increasing trend has taken it up to $30,497 from $28,000, with an increase of 1.83 percent in the past 24 hours.
The volatility is high and the technicals are pointing toward a bullish rally. The Bollinger bands are expanding, indicating a bullish trend, with upper and lower limits at $30,221 and $26,592 respectively. The MACD is moving up in the positive zone with strong bullish momentum. The MACD line is above the signal line, which is a bullish sign. The Relative strength index (RSI) is also in the overbought zone at 70.66, which indicates that buyers have an upper hand.
Bitcoin price analysis: Recent developments and further technical indications
The four-hour Bitcoin price analysis shows an upward trend for the cryptocurrency. Although the price experienced an unexpected fall in the preceding in the past few hours, currently, the situation is going in support of the buyers as the price has spiked again. The bullish momentum was reinstated in the last four hours as the price finally rejoined the $30,400 level.
The four-hour Bitcoin price analysis technicals also suggest that the bulls are likely to remain in control. The RSI is currently at 75.21 in the overbought zone, suggesting that buyers have an upper hand. The moving average convergence divergence (MACD) is also moving in the positive direction with a bullish cross. The Bollinger bands have widened, indicating increased volatility, which could indicate another jump for the cryptocurrency. The upper Bollinger band is placed at $30,957 and the lower Bollinger band is set at $28,761.
Bitcoin price analysis conclusion
Overall, the outlook for Bitcoin price analysis remains bullish in the medium term with strong support near the $29,725 level. Bulls are expected to take control of the market and carry the price higher. The next major target is likely to be $31,000 and a break above this level could see an explosive move in BTC prices.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve
