Bitcoin price analysis: BTC makes another attempt at $27,932, can the bulls breakthrough?
The Bitcoin price analysis has been on a massive uptrend in recent hours, with bulls pushing the price up by over 2.27 percent. The bullish momentum began after touching a low of $27,359 and reaching a high of $28,729 so far. At the time of writing, BTC is trading at $27,932, up by over 5.3% in the last week.
The BTC/USD pair has seen an increase in market cap as well. According to the coin market cap, the market cap of BTC is currently at $538,279,362,211, up by nearly 2.27 percent in the last 24 hours. The trading volume for the coin has been increasing too, currently standing at $30,308,422,973, with a total circulation of 19,326,843 BTC.
The broader cryptocurrency market observed a mixed sentiment in the last 24 hours, as most of the top cryptocurrencies continued to trade in the green. However, some of them are struggling against resistance levels. The buyers and sellers are trying hard to find the right balance in the market.
Bitcoin price analysis1-day chart: BTC successfully breaks above the $28,729 crucial resistance
The 1-day Bitcoin price analysis reveals that bulls have carried out a strong rally today after yesterday’s recovery. The coin is trading above the $27,932 major support level and bulls are making an attempt at breaching the $28,729 crucial resistance level which was a major hurdle in yesterday’s trading session. The buying pressure is quite strong and if this level is broken, then we could see BTC making a new high.
BTC/USD 1-day chart, source: TradingView
The 200 SMA is in alignment with the 50 SMA as well, confirming that the uptrend is strong and could continue for some time. The Bollinger bands are also wide, indicating increased volatility in the market. The RSI indicator is currently at 67.56, showing that the coin is in a bullish phase and there could be more room for growth. The MACD is currently in the bullish zone, as expressed in the green histogram.
Bitcoin price analysis: Recent developments and further technical indications
The 4-hour Bitcoin price analysis shows the price breakout was downward the previous day, but the correction was small, and soon bulls returned to elevate the price levels. After making a comeback, the bulls secured their position for four hours and then started to rally high. In the past 24-hour BTC/USD has been trading in a range of $27,359 and $28,729 with a closing price of $27,932.
The stochastic RSI oscillator is in the neutral zone, suggesting the market might go either way. The Moving average converges divergence (MACD) is in the bullish zone, indicating a positive trend for Bitcoin in the upcoming hours. The MACD diverges from the signal line and moves closer to zero which could be seen as an indication of a further uptrend.
BTC/USD 4-hour chart, source: TradingView
The Bollinger band on the 4-hour chart shows an increase in volatility as the bands are wide. The average true range is also rising, which confirms that the market is experiencing a high degree of volatility. The upper Bollinger band is also trending above the current price at $27,932, suggesting that the bulls can take over and push the BTC/USD higher, while the lower band is trending below the price $ indicating that the coin can go down if there’s a drop in buying pressure.
Bitcoin price analysis conclusion
The Bitcoin price analysis reveals that the bulls are dominating and have been pushing the BTC/USD up consistently. They remain confident and continue to break resistance levels with strong buying interest. If the current bullish momentum persists, we could see the cryptocurrency climbing to a new high. The surge in buying pressure and the widening of the technical indicators both confirm that BTC is likely to move up in the upcoming sessions.
