The latest Bitcoin price analysis reveals that the coin is moving in positive territory today. Bulls are taking control over the market as the BTC/USD pair is trading above $28,500 after breaching resistance at $28,678. The bullish sentiment is expected to continue in the short term as long as Bitcoin stays over its support at $28,000.
The market for BTC/USD opened today at $28,013, with bearish pressure lingering in the market. However, bulls managed to take control as Bitcoin surged above its resistance at $28,668. The pair is expected to open up more upside potential if it manages to move past $29,000 and continue on its bullish trajectory.
The overall market trend for BTC is still highly bullish, and investors are optimistic about the future prospects of the coin. The daily volume is close to $27 billion, which means that there’s a lot of buying pressure in the market. The market capitalization of Bitcoin is currently at $552 billion, which shows that the coin has gained a lot of value in the last few days.
Bitcoin price movement in the last 24 hours: BTC surges above $28,000
The 24-hour Bitcoin price analysis gives encouraging news for cryptocurrency buyers, as the price has increased significantly during the day. The coin is currently trading at $28,668 at the time of writing, and chances are there for further increases in price levels if bulls show consistency. The coin has already gained 2.29 percent in the last 24 hours, and it could be expected to increase even further. The moving average indicator(MA) is also indicating a bullish trend.
The RSI indicator has entered the overbought zone, but it’s still showing some room for more upside movement in the coming days. The volatility index for BTC has also been increasing, suggesting that the market activity is picking up. The Bollinger bands also suggest that the Bulls are gaining strength. The upper Bollinger band at $29,857 is an additional indicator that a breakout to the upside could occur soon, while the lower Bollinger band is currently at $18,502.
Bitcoin price analysis: Recent developments and further technical indications
The hourly Bitcoin price analysis is also in support of the buyers today as the price has constantly been increasing. The green candlesticks are marking a rise in price over the past four hours. The price has reached near the upper limit of the volatility indicator as the buyers currently control the market trends. Right now, the BTC value is found trading at $28,668 after gaining significant value.
The moving average value in the four-hour price chart is standing at the $28,453 level after making constant gains. The RSI value is also in the overbought zone at a reading of 70.05, which means that buyers are currently dominating the market. The Bollinger bands are also indicating that the Bulls are in control, with the upper limit at $28,949 and the lower limit at $27,483.
Bitcoin price analysis conclusion
The overall Bitcoin price analysis concludes that the coin is currently facing bullish sentiments as it has managed to cross the resistance at $28,678. The buyers are taking full control of the market, and any further price increase could open up more upside potential for BTC/USD pair. The buying pressure is high, which indicates that the coin could continue its bullish surge in the coming days.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve
