cryptopolitan.com
The Bitcoin price analysis shows an uptrend in today’s session as the bulls managed to push the price above $28,000. The token is currently trading at $28,017, with a surge of 1.02 percent in the last 24 hours.
The buyers are pushing hard and are determined to break the $28,159 resistance level. Although there is a bit of bearish pressure on the market, it appears that overall sentiment remains bullish towards BTC/USD. The cryptocurrency has formed a bull flag pattern between the key levels of $27,872 and $28,159, which has been tight for the past few hours in anticipation of a breakout.
Bitcoin price analysis 24-hour chart: BTC recovers after taking a plunge toward $28,159
The 24-hour chart for Bitcoin price analysis confirms an upward trend for the crypto pair, as the bulls have been leading the price chart even today. For the past few hours, bulls and bears have been battling for the upper hand, with the bulls defending the price above $27,872 key support. The buyers gained confidence as they broke through the resistance at $28,159 and managed to hold on at this level. The market capitalization for Bitcoin stands at $541,776,405,081, with an increase of 0.78% in the last 24 hours. The trading volume has been increasing steadily in the past few hours, with more than $19.34 billion worth of BTC trades. The BTC market dominance is at 45.16 percent, and the market circulation of BTC has been increasing steadily.
Moreover, the technical indicators are also showing a bullish signal with 20-EMA and 50-EMA above the current BTC price. The MACD indicator is also in favor of a bull run, as it is giving off an upward trend signal for the crypto pair. The histogram has been increasing in the past few hours and is showing a bullish signal. The RSI indicator is also rising steadily. Currently, RSI is at 58.81, indicating a bullish market sentiment. The moving average indicator also confirms an uptrend, with MA 50 crossing above MA 200.
Bitcoin price analysis: Recent developments and further technical indications
The 4-hour price chart for Bitcoin price analysis shows the price has undergone a recovery today, but a correction has also started during the past few hours. The buying momentum is still strong, and the green candle is also pointing towards an uptrend. The market opened trading in bearish mode at $27,889 as more selling pressure was seen in the market. The bulls quickly regained control as they pushed BTC/USD above $28,000 and managed to break the resistance at $28,159.
The technical indicators are also in favor of a bullish market, as RSI is rising steadily and is currently at 45.81. The moving average convergence/ divergence (MACD) indicator is also giving off a positive signal as the histogram is in green and is increasing steadily. The signal line and the MACD line are both pointing upwards, indicating a bullish trend. The moving average on the hourly chart is currently at $28,046, indicating a slight uptrend in the market.
Bitcoin price analysis conclusion
Overall, the bullish sentiment still remains strong in BTC/USD, and the bulls are determined to break through the $28,159 resistance level. With further positive developments and technical analysis backing up the price surge, Bitcoin could see further upside growth past $29,000 in the near future if bulls can hold the current level.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve