Bitcoin price analysis shows a bullish trend in the market after a strong surge in the last 24 hours. The bulls pushed BTC/USD above $30,000 last week and it has been trading around that level since then. At press time, the coin is up by 0.15 percent over the past 24 hours and trades at $30,399 after opening trading in an uptrend.
The immediate resistance lies at $30,400 which needs to be breached for a further rise toward the next key target of $30,601. If this level is broken successfully then the price could further extend to $31,000. The support level is placed at $30,100 which may restrict the price from falling further. BTC/USD has been trading in a range between the $30,000 and $31,500 mark for some time now. The price has been supported by strong buying sentiment from investors.
Bitcoin price analysis 24-hour chart: BTC /USD shows a bullish trend at press time
The 24-hour chart for Bitcoin price analysis shows that the token is performing well and is trading in an uptrend. The Bulls and the bears are in an equilibrium giving rise to the current consolidation phase. The BTC has surged by more than 7 percent in the past week and is displaying a strong bullish trend. The circulating supply of BTC stands at 13,082,504,550 coins and the 24-hour trading volume is $13,063,524,625 at press time, with an increase of 2.63 percent from the previous day. The market capitalization has also increased to $585,897,826,626, with a surge of 0.72 percent from the previous day.
The technical indicator on the daily chart is in favor of the bulls as they look to take control of the market. The Relative Strength Index (RSI) stands at 68.71 and suggests that the buying pressure is still high with no sign of a reversal yet. The Bollinger bands are slightly widening which means that the price action is volatile and investors should be cautious while investing in the market. The upper Bollinger bands stand at $30,760 which can act as the target for the bulls in the short term, while the lower bands stand at $26,580 which can act as the support for the token. The MACD is currently in bullish territory suggesting that the bulls are still in control and could extend their gains further.
Bitcoin price analysis: Recent developments and further technical indications
The 4-hour Bitcoin price analysis shows the crypto pair price is following an uptrend on the four hours price chart as the price is recovering at the moment. The bulls were at the lead yesterday and the price is slowly increasing on its way up. The BTC/USD has made high highs in today’s trading session and currently, the pair is trading above $30,000.
The technical indicators suggest that the bulls have an upper hand at the moment and could target the $31,500 level in the coming days. All eyes are on the $30,400 resistance which needs to be broken for a further upsurge. The RSI stands at 56.53 and suggests that there is no divergence between buyers and sellers at the moment. The MACD is in a bullish market as well and suggests that the bulls could extend their gains further. The Bollinger bands on the hourly chart are widening with the upper band standing at $30,860 and the lower band at $29,814.
Bitcoin price analysis conclusion
In conclusion, Bitcoin price analysis shows that the bulls are in control of the market, and the price is expected to target the $30,601 level soon if the buyers continue to dominate. The technical indicators are also showing positive trends that support this prediction. The support level and resistance level must be monitored carefully, as they could change the trend in either direction at any time.
While waiting for Bitcoin to move further, see our Price Predictions on SHIB, Litecoin, and Aave.
