Bitcoin price analysis shows strong bullish momentum, despite the bears being at the upper hand previously. The buying momentum has overpowered the market with a greater tendency towards buying more assets. This scenario has resulted in an increase in price levels to $16,853 value, with the support levels observed to be $16,793, which is where the buying and selling activity is likely to take place.
The resistance levels for BTC/USD pair are observed to be at $16,863 with a slight bullish pressure seen in the market. The trading volume is also expected to increase, with more investors pouring into the market. The current trading volume is at $10.24 billion, and a market capitalization of $324 billion.
BTC/USD 1-day price chart: Tremendous increase in price as bulls regain momentum
The daily Bitcoin price analysis is giving the bulls a lead as the price levels jumped to $16,53 after a strong bullish rally. This has surprised the analysts and turned many towards the buying side after the sudden shift in the market trend. The coin has gained a 0.04 percent value during the last few hours as bearish are trying to get back in the game.
The calculated moving average (MA) over the past 24 hours has been at $16,749, which is going to be the key level to watch out for in the upcoming hours. There is a bullish trendline formed on the chart with RSI levels of 48.18. This is indicating strong buying pressure in the market. The volatility for the candlestick chart is gradually increasing as the upper limit of the Bollinger bands reaches the value of $17,685, and the lower one goes down to the $16,350 level. At the same time, the price has shooted past the upper band, which is a strong bullish indication.
Bitcoin price analysis: Recent developments and further technical indications
The 4-hour Bitcoin price analysis shows a sharp increase in the BTC coin value as the price has reached $16,853 currently. The hourly analysis is also in favor of bulls as it tells that the buyers have dominated the market and helped the cryptocurrency rise slowly. Today’s case has proved to be the same, rather much more overwhelming, as the Moving Average (MA) has moved up to $16,830.
The future trends can be positive for the buyers, as the volatility is increasing in the candlestick chart. Meanwhile, the values of the Bollinger bands are as follows; the upper value is at the $16,926 mark, whereas the lower value is present at the $16,691 mark. The RSI score is 49.26 in the 4-hour chart, which may raise more in the future depending upon the circumstances.
Bitcoin price analysis conclusion
From the above Bitcoin price analysis, it can be inferred that today’s trend has proved to be in favor of the buyers as the price levels increased tremendously to $16,853 during the day. However, also the bears were quite active during the past few hours battling against the bulls.
