The Bitcoin price analysis is in favor of the bullish side today as BTC bulls have recovered the price up to $20,570. Today BTC/USD pair price improved from $19856 to $20,570 today after the bearish price movement of yesterday when BTC corrected below the psychological mark of $20,000. Selling pressure can be expected to appear again near $20.700 as this mark is also under the bearish range in the current circumstances. Despite the fact that BTC’s price is moving in the bullish direction today, the price must break into the $26,000 range in the next two or three trading sessions to consider it a proper bull run. As of now, it can not be said with confidence that BTC has found its support floor.
BTC/USD 1-day price chart: Bitcoin reports a 1.76 percent improvement in price value
The 1-day price chart for Bitcoin price analysis shows bullish price action as the price of BTC/USD has recovered to $20,570 till the time of writing; as the bulls are in the lead, and no bearish hindrance has been observed yet. Despite the increase in price and BTC/USD gaining 1.76 percent during the last 24 hours, the trading volume hasn’t increased much and is up by 1.44 percent only, and the coin is also at a loss of 5.25 percent if observed over the past week.
BTC/USD 1-day price chart. Source: Tradingview
The volatility is high as the Bollinger bands are suggesting, but the indicator shows a downwards breakout as both its ends are moving downwards, hinting at a price drop in the coming days. The upper band is at $33,844, representing resistance for BTC, and the lower band is at $15,732, representing the lowest support for the BTC/USD pair.
Another factor is the relative strength index (RSI) which has just entered into the neutral range and is present at index 31, just above the borderline of the undersold zone. The RSI remained in the underbought area since 12 June 2022, but as it has entered the neutral range now, its curve is also upwards, hinting at the buying activity in the market.
The price has traveled above then its moving average (MA), which is present at $20,521. The SMA 20 is still trading below SMA 50, which hints at the prevalence of bearish pressure.
Bitcoin price analysis: Recent developments and further technical indications
The 4-hour price chart for Bitcoin price analysis further confirms the bullish trend as it shows a continuous increase in price since the start of today’s session; still, green candlesticks have been appearing for the last 12 hours. But as can be seen on the 4-hour chart, the price has moved above the mean average line of the Bollinger bands, and the selling pressure can kick in anytime as the price is nearing the resistance zone.
BTC/USD 4-hours price chart. Source: Tradingview
The volatility is comparatively low as the Bollinger bands are covering less area and have maintained a narrow channel for the past few days. The upper band, at $21,286, shows resistance, and the lower band, at $19,722, now represents support for BTC on an hourly basis. The RSI movement is still upwards on the 4-hour chart, which is a hopeful sign.
The overall technical indicators for Bitcoin price analysis are in support of the selling side, as 14 technical indicators support the selling decisions for BTC, including the MA, EMA, and the MACD oscillator. On the contrary, only two technical indicators of momentum and the hull moving average favor the buying of BTC assets; thus, the majority weight is on the bearish side. However, 10 technical indicators stand neutral and don’t favor either side of the market.
Bitcoin price analysis: Conclusion
The current Bitcoin price analysis shows the price is moving in the bullish direction, but the bulls can get exhausted any time soon as the bearish pressure is still there. If the buying pace continues, Bitcoin is likely to make it into the 22,000 range. On the flip side, a correction down to $19,000 is also possible.
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