The latest Bitcoin price analysis shows a strong bullish sentiment in the market. The price has been hovering near the $27,400 level for some time now, but it jumped abruptly to break past that resistance level. The jump above $28,000 is a significant breakout from its previous levels and could be followed by further gains. At the time of writing, the cryptocurrency is trading at a price of $28,444 with a massive increase of 5.44% in the last 24 hours.
The buying pressure is strong, and it appears that bulls are still in control of the price action. The momentum could continue if Bitcoin breaks past the immediate resistance at $28,619. If this level is cleared, we could see a further rally to the next target of around $29,000. On the other hand, if bears take back control of the market then we could see a pullback to the support level of around $27,400.
The trading volume has seen an increase in the last 24 hours, which is a sign of increased activity. Currently, the trading volume stands at $20 billion, which is much higher than the previous one. Moreover, the market capitalization stands at $549 billion, which is also higher than its previous level, and it is up by 5.54% in the last 24 hours.
Bitcoin price analysis 24-hour price chart: Bulls encountering $28,619 resistance level.
The daily chart shows that Bitcoin is trading within a rising channel, and the bulls are trying to break past the resistance level of $28,619. The market for BTC opened today’s trading at $27,343 and has been increasing since then. The previous night the bears had control of the market, but they have now been pushed out. The selling pressure was minimal and the bulls took full advantage of it.
The Bollinger bands indicate high volatility in the market. This could be an indication that the price action is consolidating before it takes off for its next rally. The upper Bollinger band is at $31,345, and the lower band is at $20,903. We could expect a breakout in either direction if the price action breaches these levels. The relative strength index (RSI) is at 64.98, which shows that there is still plenty of room for upside potential. The moving average indicator is currently at $27,882 and is showing a strong bullish trend.
Bitcoin price analysis: Recent developments and further technical indications
The 4-hour price chart for Bitcoin price analysis shows the price function has been upward for the last few hours following a retracement period of 24 hours. But the upwards price movement has been overwhelming, which has turned the trend bullish for BTC. The red candlestick is currently located above the 9-day exponential moving average, which suggests that the trend is positive.
The Stochastic RSI too is above the neutral zone of 50, which shows that bulls may be taking a short break. If the buyers come back into the market, we could see an extended rally toward the overbought region. The Bollinger band has seen a steady increase in volatility after the price breached $28,000 and is currently indicating that traders can expect short-term gains. The upper Bollinger band is at $28,609 and the lower band is at $26,713.
Bitcoin price analysis conclusion
Overall, Bitcoin price analysis shows that there’s a strong bullish sentiment in the market. The buyers have successfully broken past the support level at $27,400 and are now looking to break past the resistance level of $28,619. If successful, we could see a further extension of gains toward $29,000 in the near term. Conversely, if the selling pressure takes control of the market then we could expect a retracement back down to its previous levels.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve
