The Bitcoin price analysis reveals bulls are taking full control of the BTC market. After breaking past the $29,088 level today, Bitcoin rallied to a high of $29,799 and is up by 1.49 percent, with bulls pushing higher every step of the way. The increase in buying pressure indicates that bulls have taken charge of the market. The gains above this level are likely to be short-lived as buyers need to secure more volume to push higher.
The volume on the BTC/USD pair has been consistently increasing since Friday, and it is now above $12 billion with an increase of 10 percent. This means that buyers are aggressively pushing the price higher and are confident in their buying power. This increase in trading activity indicates that buyers are still confident about Bitcoin’s future prospects despite its recent rally.
Bitcoin price analysis 24-hour chart: Bulls target the next level at $30,000
The 24-hour Bitcoin price analysis chart shows that the bulls have been in full control since Friday. The price has rallied from a low of $27,476 to a high of $29,799 and is now trading above the $29,500 level. This increase in buying pressure indicates that bullish investors are confident about Bitcoin’s future. The next target for BTC is likely to be the $30,000 level. During the last week, the BTC/USD price movement was mostly bearish, as the price curve is downward for the mentioned period of time.
The volatility is decreasing for the BTC/USD pair as the Bollinger bands continue to expand. The upper Bolinger band is currently at $31,364 and the lower one is at $27,114, indicating a tight trading range. The RSI is currently at 57.99 and looks poised to move higher, indicating that buyers have the upper hand in the market. The MACD line is also above the signal line, further confirming the bullish momentum in Bitcoin’s price.
Bitcoin price analysis: Recent developments and further technical indications
The 4-hour Bitcoin price analysis indicates that the bullish trend is still intact. The buying pressure has been increasing as more investors flock to BTC. The green candlestick pattern is still forming and the bulls are likely to target the $30,000 level. The market was under bearish pressure earlier today, but the bulls have taken control and pushed it higher.
The four-hour Bollinger bands are still expanding indicating that volatility is increasing. The upper Bollinger band is currently at $29,732 and the lower one is at $29,012. The RSI is also in the neutral territory above 60 and looks poised to move higher in the overbought zone if bullish momentum continues. The moving average convergence divergence (MACD) line is in positive territory and is above the signal line, confirming the bullish momentum in Bitcoin’s price.
Bitcoin price analysis conclusion
Overall, Bitcoin price analysis suggests that the BTC/USD pair is likely to rally higher towards $30,000 if buyers maintain their current buying pressure. Bulls can look to target this level as the next resistance. On the downside, if buyers fail to hold the current gains then support will be found around $29,000. However, at the moment, it looks like bulls have the upper hand in the market.
