The Bitcoin price analysis shows a bullish trend in the market today. The bullish momentum appears to have returned as the bulls are taking control of the market with a steady surge in the past few days. The recent bullish momentum in the crypto market has set Bitcoin’s price soaring above $28,000 levels. This surge comes after a period of consolidation and range-bound trading for Bitcoin, which had been hovering around $27,000 for the past few days.
At present, Bitcoin is trading at around $28,102, with a bullish trend in place. The next resistance lies at the $28,418 level. If the bulls manage to break this level, then we could see a further surge in its price toward the key psychological mark of $28,500. On the downside, if Bitcoin fails to break through the $28,418 mark and pull back from its current levels, it can retest the $27,439 level. If the digital currency breaks below this mark, then further losses can be expected in its price.
BTC/USD 1-day price chart: Bullish momentum gains the slight upper hand
The 1-day chart for Bitcoin price analysis is displaying encouraging results for the cryptocurrency, as the bulls are taking the lead at present. The bulls have significantly increased the price to $28,102 after successive bullish moves. The BTC/USD has gained more than 1.27 percent as bulls continue their upward momentum.
The market cap has also increased significantly as the buyers remain aggressive in the market. Currently, the market cap is standing at $543 billion. However, the trading volume is a bit lower and is currently standing at $36 billion, with circulating supply at 19,323,887 BTC.
The technical indicators are also showing a bullish trend in the BTC/USD pair as the Relative Strength Index (RSI) is trading above 71.85 levels. The MACD has formed a bullish crossover and is currently trading above 0 levels with a positive trajectory. Moreover, the Bollinger Bands have expanded, suggesting increased volatility in the market. The upper Bollinger band is currently at $29,125, and the lower is at $18,684.
Bitcoin price analysis: Recent developments and further technical indications
The four-hour Bitcoin price analysis chart is exhibiting a bullish trend as the bulls have pushed the price above $28,000. The BTC/USD has been trading in a range of $27,439 to $28,448 in the past 24 hours, indicating a strong bullish trend. The bears are currently trying to push the price down and break the range, but it seems unlikely that they will be successful.
BTC shows higher volatility on an hourly basis as the Bollinger bands are covering more area on the 4-hour chart, with the upper band at the $28,747 level, which may act as resistance for the bulls. On the downside, if the BTC/USD falls below $26,908, it can retest the support level at $27,400. The MACD indicator is still indicating a bullish trend, with the MACD line crossing the signal line. The histogram is in green and moving in the positive zone.
Bitcoin price analysis conclusion
Overall, the Bitcoin price analysis suggests that there is a strong bullish momentum in place, which could take the BTC/USD pair above $28,500 levels in the near future. However, if the bears manage to push back and break through this level, then further losses are possible. Traders should keep an eye on the technical indicators and be mindful of the resistances and supports to make profitable trading decisions.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve
