The recent Bitcoin price analysis shows a steady uptrend for BTC. Over the last 24 hours, the token has gained more than 2.67 per cent and is trading at $29,613. The Bullish trend is led by the buy orders that drove the BTC above the $29,000 mark.
The current range for BTC is between $28,694 and $29,646. As the token moves up, there is a significant resistance level at $29,646 that needs to be breached for any further bullish momentum. Currently, the market capitalization of BTC stands at $573 billion, with a surge of 2.56 per cent over the last 24 hours, However, the trading volume for BTC remains low, which suggests that the market is still consolidating.
Bitcoin price analysis 24-hour chart: BTC surges above $29,000 after Bulls take over
The daily Bitcoin price analysis is in favour of the cryptocurrency buyers, as the coin value is enhanced during the day. The price underwent a significant improvement as the bulls reigned the market. Today, a rise in BTC/USD value was detected again as the increasing trend has taken it up to $29,613. The green candlestick formation indicates that the buyers have been leading the trend.
BTC’s price is expected to rise further in the near future as the Bollinger Bands widen with the upper band at $29,745, while the lower band is located at $27,768. The Relative Strength Index (RSI) is at 55 which implies a slight bullish sentiment in the market and an increase in buying momentum. Similarly, the Moving Average Convergence Divergence (MACD) has just crossed over into positive territory indicating that bullish traders are gaining the upper hand.
Bitcoin price analysis: Recent developments and further technical indications
The four-hour Bitcoin price analysis shows an upward trend for the cryptocurrency. Although the price of BTC experienced high selling pressure in the last week and pushed the token below $28,000, However since then, the bulls have been able to gain control and are now driving the coin above $29,000.
The RSI is currently at 57 which suggests that the bulls continuing to overpower the bears. The MACD line has just crossed into positive territory while the Histogram remains bullish indicating that buyers have been dominating the market. The Bollinger Bands have expanded indicating an increase in volatility, which is another positive sign for the bulls. The upper Bollinger Band is located at $29,671 while the lower band is situated at $28,299, indicating that the token could breach $30,000 shortly.
Bitcoin price analysis conclusion
In conclusion, the current Bitcoin price analysis indicates that the bulls are in control and are likely to drive BTC above $30,000 soon. The support level for the token is present at $28,694 while the resistance level is located at $29,646. Although there is a significant drop-off in trading volume, the technical indicators suggest that the bulls remain in control of the market.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve
