BTC Breaks Above $29,400, Further Upside Coming? – Cryptopolite
The latest Bitcoin price analysis shows a bullish trend today as the coin recovers under high market pressure. BTC/USD can be expected to close on a lower high above the $25,452 resistance level. However, bearish pressure is still there as the upward price movement is slow as the bulls try to push BTC above this level.
The market is currently trading in a range of $28,360 and $29,401 with a moderate bullish trend as buyers try to take control of the market at this crucial point. The volume has also increased in the last 24 hours as it has risen steadily since the previous day. Currently, the trading volume is present at $32.34 billion, with an increase of 1.87 percent in the last 24 hours.
Bitcoin Price Analysis 24-Hour Price Chart: Bullish momentum gains traction
Bitcoin price analysis 1-day price chart shows that after falling below the $28,000 level earlier this week, however, the coin has managed to break out of the bearish trend it was in earlier this week and is currently in a consolidation phase with the bulls who try their best to push it higher. Currently, BTC is up 1.28 percent in the last 24 hours, trading at $29,401.
The RSI indicator is currently in the neutral zone at 55.98 and the MACD shows that the coin is gaining momentum when the MACD line (blue) crosses above the signal line (orange). The Bollinger bands are widening, indicating high volatility in the market. The upper Bollinger band is at $31,367 and the lower is at $27,120, indicating that BTC is currently trading in a range.
Bitcoin Price Analysis: Recent Developments and Additional Technical Indications
The 4-hour Bitcoin price analysis shows that the bulls raised the price steadily during the last hours of the trading session after a strong correction yesterday. The green light also indicates that buyers are in control of the market and have pushed the coin higher in recent hours.
The moving average convergence divergence indicator is in the bullish zone and has crossed above the signal line. The histogram of the MACD indicates that the bulls are pushing BTC higher and the strength of their momentum is increasing. The relative strength index is currently at 57.13 and shows no signs of bearish divergence as buyers are in control of the market. The Bollinger bands are widening, indicating high volatility in the market.
Bitcoin price analysis conclusion
Overall, Bitcoin price analysis shows the coin recovering to $29,401 as bullish momentum builds. However, bearish pressure is present and a correction can be expected if BTC fails to surpass the $25,452 resistance level. The technicals also suggest that buyers are in control of the market and BTC is likely to close at a higher high.
While you wait for Bitcoin to move forward, check out our articles on Siacoin Wallet, Pi Wallet and LTC Wallet Review.
