The latest Bitcoin price analysis shows a positive trend for the BTC/USD pair. The coin has been trading in positive sentiment for the last few hours after recovering from the bearish pressure that was in control earlier today. The bullish pressure on the coin has been strong, and it even managed to break above the psychological $27,000 level.
The bulls and bearish have been struggling to stay in control of the market; however, it seems that the bulls are dominating the market. The next target for the bulls is $27,300, which could be attained if they continue to show strength.
Bitcoin price analysis daily chart: BTC follows an uptrend as price trails past $27k
The daily chart of the Bitcoin price analysis shows that the bears have been in control of the market since the start of today’s trading session. The coin tested a low of $26,821 earlier today before the bulls started to take control. The coin is now trading at $27,119, gaining around 0.54 percent today. The daily chart shows that the bulls have been pushing the price higher, and the next target for them is $27,300.
The circulating supply of BTC is at 19,378,843, indicating the coin’s demand continues to rise. The 24 trading volume for the coin is valued at $6,751,105,494, and it is down by -45.20%, indicating a cooling off of investor sentiment. The market cap is on gain as more buyers are entering the market. Currently, it is standing at $526,235,563,412, with an increase of 0.89 percent.
The 50-day EMA and 100-day EMA are also moving higher, indicating that the trend is likely to remain bullish. The moving average convergence divergence (MACD) is also in favor of the bulls as the MACD line has crossed above the signal line, indicating a bullish crossover. The histograms are also in green, indicating that the bulls are gaining strength. The Relative Strength Index (RSI) appears to be moving in neutral territory as buyers become more active, and this could cause the RSI to reach the overbought zone.
Bitcoin price analysis 1-hour price chart: Bulls lead the way as BTC/USD retests $27k
The 1-hour price chart for Bitcoin price analysis shows that the market has been in a strong bullish trend for the last 1- hour. The market had made higher highs and higher lows, which is an indication that the bulls were in control. The buying pressure is also increasing as the coin has surged past the $27k level.
A bullish crossover has taken place on the MACD indicator showing that bulls have taken over the bears. This also shows that prices from these levels will increase more. Overall MACD indicator, giving a bullish crossover, is a positive signal to investors.
Relative Strength Indicator (RSI) – The RSI curve is trading over its 60-point level at 64.48. As the price of the token increases, the RSI curve’s value will increase even higher. Overall RSI indicator at present gives a buy signal to investors. The moving average indicator is also in favor of the bulls as the 50-day EMA has crossed above the 100-day EMA. This indicates that the trend will remain bullish.
Bitcoin price analysis conclusion
To sum up, Bitcoin’s price analysis shows that the coin is trading in a bullish trend, and it appears to be gaining more momentum. The bulls and bears have been struggling to stay in control of the market; however, it seems that the bulls are dominating the trading session. The price has broken above the psychological $27k level as buyers increase their demand for Bitcoin.
