The latest Bitcoin price analysis shows a strong bullish momentum. The BTC/USD pair has climbed above the $29,000 mark for the first time in less than a week and is currently trading at around $29,738. The market for BTC/USD has seen a solid 8.66% percent increase over the past 24 hours, and if bullish momentum continues, the BTC token could target $30k soon.
The buying pressure is strong today despite the short-term bearish exhaustion signals that pushed the coin below the $27k level a few days ago and the huge sell-off that was seen across the whole crypto market. However, it seems that Bitcoin is back on track and is ready to reach higher highs.
The trading volume has seen an impressive increase over the past 24 hours with over $25 billion worth of BTC tokens being traded and a gain of more than 65 per cent in the last 24 hours. The market capitalization has also seen an increase of around 8.81 per cent in the last 24 hours, currently standing at $574 billion, indicating a bullish sentiment in the market.
Bitcoin price analysis 24-hour chart: Bulls dominate the BTC market after recovering from a bearish exhaustion
The 1-day Bitcoin price analysis chart shows that bulls are dominating the BTC market today and have managed to recover from bearish exhaustion. The uptrend has been strong with the BTC/USD pair trading above the $29,000 level after a strong rally from the $27k support. The price is now facing resistance around the $29,995 market which was touched shortly after the opening of the market today.
The technical indicators and oscillators suggest that the current uptrend could continue in the short term, but caution is recommended as a massive retrace could follow this bullish move. The Relative Strength Index (RSI) is currently at the neutral 58.43 levels, while the MACD is still in bullish momentum. Additionally, the MACD Histogram is also ready to change its trend, which could lead to a retrace before the next bullish leg. The Bollinger bands are also expanding, signifying increased volatility. The upper Bollinger band is currently at $31,295, while the lower band is at $26,775.
Bitcoin price analysis on a 4-hour price chart: Bulls could target the $30k level soon
On the 4-hour Bitcoin price analysis chart, we can see that BTC’s price is currently in a bullish trend. The prices are trading along with the ascending channel, and a breakout from the current range could set the tone for the next move. on the 4-hour price chart, the buyers are currently in control as the green candles continue to outpace the red ones.
The Volatility is also high as the Bollinger bands are widening to accommodate the large swings. The upper Bollinger Band is currently at $29,041, while the lower Bollinger band is at $26,541 which could act as a support in case of a pullback.
The moving average converge divergence (MACD) is also in bullish territory, and the MACD Histogram has switched to green signifying that buyers are in control. The RSI is currently at the overbought level of 76.63, and if bullish momentum persists the RSI could move into the 80 levels.
Bitcoin price analysis conclusion
In conclusion, Bitcoin price analysis shows a strong bullish momentum and if bulls persist, the BTC token could target the $30k level soon. The buying pressure is strong despite the bearish that was seen a few days ago, and the technical indicators suggest that the current uptrend could continue in the short term. The resistance around the $29,995 market could be tested soon, and if it holds, a retrace may follow before the next bullish leg begins.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve
