Bitcoin price analysis confirms a bullish trend for the cryptocurrency, as the buying momentum has intensified. A green candlestick has appeared on the price chart, indicating a rise in the coin value after a bearish period of four consecutive days. If the bullish rally continues in the future, further improvement in LTC/USD value can be expected. The recent upturn has taken the price to $28,850 with a surge of 1.88% in the last 24 hours.
The bitcoin market has been more volatile lately, with a range of $25,500 to $30k across different crypto exchanges. This could be an indication the bulls are pushing for a breakout above the current resistance level of $29k which is likely to drive BTC prices higher. The buying pressure is increasing as investors are buying into this rally.
Bitcoin price analysis 24-hour chart: Support for BTC is currently at $27,178
The daily chart for the Bitcoin price analysis shows a strong bullish momentum as the price is currently trading above the $28,178 support level, which was the previous level for the BTC. The 24-hour trading volume is still in an increase as the buyers are taking a cautious approach. The market capitalization is currently at $558 billion, and with an increase of 1.83 percent in the past 24 hours, it is expected to increase further if the bulls continue to dominate the market.
The technical indicators are also showing a bullish trend, as the moving average indicator is in a bullish crossover. The MA is currently at $28,924 on the daily chart and is showing an upward trend. The relative strength index (RSI) is also at the neutral of 51.50, indicating that the buyers are struggling to control the market. Furthermore, if we measure the buying pressure by looking at the MACD oscillator graph, we can see that it is significantly increasing as well.
Bitcoin price analysis: Recent developments and further technical indications
The hourly price chart for Bitcoin price analysis is going in a bullish direction at the moment as the price underwent a sufficient increase in the past few hours. However, during the previous day, bearish price action was seen. The market trend has changed as selling pressure is no longer present in the market. A further increase is possible if the bulls remain consistent.
The hourly technical indicators also show bullish trends as the RSI has crossed above the 50 levels moving towards the overbought territory, indicating that the buying pressure is increasing. The Moving average converges divergence (MACD) remains in the bullish region, with green lines crossing over each other on the histogram. The 4-hour moving average indicator is currently at $28,791, just below the current price, which is a bullish sign for the token.
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 $29,500 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 XDC, Polkadot, and Curve
