The latest Bitcoin price analysis shows an uptrend in the BTC/USD pair as price action has been hovering near $30,454. This is a sign of bullish momentum in the market and there are signs that it is likely to continue. Green candlesticks indicate a reversal in trends due to the bullish turnover. Although the price followed the market’s bearish on the previous day, and pushed the token below the $30,000 level, However, the bulls were able to drive it back above that level, and it is aiming to regain the $30,470 mark.
Cryptocurrencies price heat map: Coin360
The strong surge has seen trading volume also rise significantly, showing that the bulls are making a push to gain control of the market. Currently, the trading volume is at $17 billion, up more than 7.39 percent from the previous day, Additionally, the market capitalization for Bitcoin is at $588 billion, making it the most valuable digital asset in circulation today.
Bitcoin price analysis 24-hour price chart: BTC recovers as the bullish trend continues
The 24-hour Bitcoin price analysis gives a bullish indication regarding today’s price movements. The price showed an upward inclination during the past 24 hours because of the sudden bullish return. Although the bears were winning successively the previous day as the trend line was downwards, today, the coin rejected further downside, and today, the price recovered up to $30,454, gaining 2.99 percent value over the last 24 hours.
BTC/USD 1-day price chart, source: TradingView
The moving average convergences/divergences indicate that the current market is bullish because of the upward trajectory in the price chart. The MACD line is over 0.00, which supports the bullish trend, and it indicates a buying opportunity for traders. The relative strength index (RSI) also stands at 65.32, which indicates an overbought condition and may lead to a correction soon. The Bollinger bands reflect the market volatility as the bands are wide. The upper Bollinger band stands at $31,187 and the lower band is present near $27,066.
Bitcoin price analysis: Recent developments and further technical indications
The 4-hour Bitcoin price analysis shows a strong bullish trend for the market as the buyers have controlled the price flow for the past few today. Over the larger picture, a series of green candlesticks marks the 4-hour price chart, thus confirming an uptrend. The short-term trending line now confirms the upward price action. The bullish impulse has increased the coin’s value to $30,454.
BTC/USD 4-hour price chart, source: TradingView
The moving average value sits at $29,824, and the SMA 20 curve is traveling towards the SMA 50 curve and might cross over it in the coming hours, which will be a further bullish indication.The Bollinger bands on the four-hour chart are expanding, indicating increased volatility in the market. The upper and lower bands are at $30,914 and $29,373 respectively. Moreover, the Relative Strength Index (RSI) of BTC is slightly above the neutral area at 60.35. This indicates that Bitcoin’s bullish trend could continue for some time before a correction occurs.
Bitcoin price analysis conclusion
From the Above Bitcoin price analysis, it is evident that the bullish trend is likely to persist in the coming days. The buying sentiment of traders and investors has increased after it reclaimed the $30,000 level, which may further push the BTC/USD pair above its current resistance at $30,470. Furthermore, technical indicators confirm a continuation of bullish momentum in the short term.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve
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