The Bitcoin price analysis is bullish today as the price has broken above the $28,000 mark. BTC has shown good progress during the last 24 hours as the bulls have continued to push higher. There is potential for further price rallies, and we could see BTC/USD retest the $28,786 resistance level in the near future.
The previous day the bearish pressure was strong and the price dropped to $27,680. This created a solid support area for BTC/USD pair. After that, the bulls were able to push higher and break through the level of $28,000. Currently, BTC is trading at around $28,749 with an overall increase of 2.85 percent.
Bitcoin price analysis 24-hour chart: BTC/USD is attempting to break above $28,786
The one-day chart for Bitcoin price analysis shows that the bullish momentum is strong, and a further price increase is expected in the coming hours as bulls continue their rally. The buying pressure has been strong as more investors enter the market. BTC also reports an increase in market capitalization, reaching $557 billion, with an increase of more than 3.31 per cent within the last 24 hours. However the trading volume has decreased slightly, and it is now at $17 billion.
Despite a slight retracement last few days, the overall technical indicators are still showing strong bullish signals, suggesting that there is plenty of upside potential for BTC/USD in the near future. The moving average (MA) is at the $28,770 mark, and the MACD is showing increasing buying pressure, suggesting that there could be more upside potential for the price of Bitcoin in the coming days. The relative strength index (RSI) is trading on an upwards curve at index 51.65, hinting at the buying activity in the market.
Bitcoin price analysis: Recent developments and further technical indications
The four hours Bitcoin price analysis is showings signs of a solid bullish trend, as the price has increased significantly. After the last price correction observed yesterday, the trend reversed in favour of the bullish side, as the bulls were leading the price chart earlier. Nonetheless, an upward trend has been observed in the last four hours, as the price has moved up to the $28,749 level after swinging as high as $28,786.
The relative strength index (RSI) on a 4-hour chart is moving in the upper half of the neutral zone with much more room for further bullish practice as the indicator trades at an index of 52.70. The moving average is currently above the price action of BTC, indicating that the uptrend could continue in the coming hours. The histogram on MACD is green in colour, as also the signal line is above the MACD line and indicates positive signs for Bitcoin.
Bitcoin price analysis conclusion
The overall Bitcoin price analysis is bullish for the medium term as BTC/USD continues to trade above the $28,000 mark. The token is attempting to break through resistance near the $28,786 area and this could be a positive sign for further momentum. As bullish sentiment builds more investors will enter the market pushing prices higher. The technical indicators are also suggesting a bullish bias; however, traders should keep an eye on the price action as it continues to move higher.
