Bitcoin price analysis is on a bullish run, as its price has surged to an all-time high of $23,433 after recording a sharp increase. The digital asset has gained about 1.15% in the past 24 hours, indicating that the bullish trend may continue in the near future. The cryptocurrency has been on an uptrend for the past few hours, after a bearish run in the early hours of today. BTC/USD was trading at a low of $22,877, but it has since recouped those losses and is now trading at $23,433.
The cryptocurrency’s market capitalization has now increased to $437 billion, with its total 24-hour trading volume reaching $37.2 billion. Looking ahead, cryptocurrency could continue to experience further gains as traders and investors continue to bet on the digital asset’s potential for long-term growth.
BTC/USD 1-day price chart: Bitcoin recovers up to $23,433 as bulls steer safely
The one-day Bitcoin price analysis confirms an upward price movement for today, as the price has increased to $23,433. The price has been experiencing bullish momentum for the past few hours today. The bulls have been able to bring the price above the $23,400 level in the last hours after gaining an advantage of the situation.
The buying pressure is likely to continue if the current momentum continues. The relative strength index (RSI) is currently trading around 80.15, indicating a strong bullish trend in the market. The MACD has also crossed into positive territory and is showing no signs of reversing its direction anytime soon. This indicates that the buying pressure is likely to increase over the next few days. The 50-day and 200-day moving averages are also showing an upward trajectory, further confirming the bullish trend.
Bitcoin price analysis 4-hour price chart: BTC in bullish swing
The four-hour chart for Bitcoin price analysis indicates that the bulls have dominated the market and are likely to continue their momentum in the near future. BTC shows that the price breakout was a downtrend during the first four hours of today’s session, but then a small correction was observed followed by a good spike as BTC rallied from $22,877 to $23,433. But recently, bulls are again on the rest as BTC/USD is seen extending the gains above $23,400.
The moving average indicator on the chart is currently showing a bullish crossover, indicating that the bulls are not ready to back off anytime soon. Currently, the moving average is at $23,666, but if it crosses $23,800 in the next few hours then that might be a further sign of bullish momentum. The RSI is currently trading above 49.01 and MACD is also firmly in the green zone as bulls continue to dominate the market.
Bitcoin price analysis conclusion
Overall, Bitcoin price analysis is likely to experience further increases and could reach the $24,000 mark in the coming days if the current bullish trend continues. Investors should look for buying opportunities and keep track of the technical indicators as they could provide important signals about the future direction of BTC/USD.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve
