Bitcoin price analysis remained quite balanced today, as the price touched a day’s low of $16800 before reaching up to $17000 again. Previously, BTC/USD set a local resistance at $17250. Would it be possible for Bitcoin to break past this resistance in the 24 hours?
Well, as it can be seen on the crypto heat map, the market is unarguably bullish. However, Bitcoin has marked an increase of only 0.82 percent. Similarly, Ethereum is only up by 1.24 percent. While bullish sentiments are present in the market, they are not very high.
The 1-day Bitcoin price analysis chart above shows that the RSI is around 47, which means that the market is somewhat balanced. So, we cannot expect any significant shifts in the upward or downward directions. It appears that the resistance at $17250 is a strong one and the bulls will have to push harder to break past it.
Considering the fact that the market is currently lacking that momentum, it is not likely for BTC/USD to push past this price in the next few hours.
Bitcoin 24-hour price movement
In the last 24 hours, Bitcoin price analysis has marked an increase of 0.82 percent in the overall market cap. It marked strong support at $16800 yet once again, hence confirming it as the current support level. However, as compared to yesterday’s closing price, Bitcoin is still lacking any significant upward momentum. It has consolidated sideways for the most part.
4-hour Bitcoin price analysis: Will BTC/USD break past the $17250 resistance?
Well, it is not likely that BTC/USD will break past the $17250 resistance in the next couple of hours. Firstly, the market is lacking significant momentum from the bulls. It is balanced but not predominantly bullish at this time. So just like yesterday, Bitcoin is expected to consolidate sideways for now. In fact, the RSI on the 4-hour chart suggests that some downward movement can be expected. It is already at 64 and the MACD histograms are still in the reds.
Bitcoin price analysis: Conclusion
Overall, Bitcoin’s market has remained balanced today. The price has marked a 0.82 percent increase but there is still a lack of any significant bullish momentum. Further push will be required to break past $17250, which is not expected to happen in the next 24 hours. However, the future holds a lot more for Bitcoin. You may want to read our detailed Bitcoin price prediction to find out more!
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