BTC Recovers to $24,736 as Bulls Find Resistance at $24,815 – Cryptopolitan
Bitcoin price analysis remains on the positive side as the BTC/USD pair is currently trading above the $24,000 level. Pulling back from the week’s low of $21,473, the pair is currently trading at $24,736. According to the analysis, the bulls face resistance from the price level of $24,815, which is the high reached in the previous session.
Further progress from the bullish side is expected as support has stabilized below the $24,574 level. This indicates that buying sentiment has increased and the momentum is maintained on the upside. The buyers are trying to push the pair higher, while the sellers are looking to limit gains, but good volume is needed to ensure the price stays above $24,000.
BTC/USD 1-Day Price Chart: Bulls Overcome Bears After Staying Ground
The given Bitcoin price analysis one day price chart shows that the price is slowly gaining momentum and starting to move higher. The day has been quite supportive for the buyers as more and more green candlesticks secure their positions on the price chart. The previous week, bearish momentum had dragged the pair towards the $21,473 level before buyers took control and pushed the price up.
BTC/USD has rallied around +12.3% over the past week and has been trading above the $24,000 level over the past few days. The market capitalization has also increased to $478 billion, supporting the bullish sentiment, and trading volume for the pair currently stands at $18 billion, a sign of good buying pressure.
The technical indicators on the one-day chart also support the bullish sentiment with the Relative Strength Index (RSI) indicating that BTC/USD is in overbought territory, suggesting that buyers should keep an eye out for a possible correction. The MACD indicates a bullish crossover and is in positive territory. The moving averages are also supporting the bulls as the 50-day MA has crossed above the 200-day MA. The moving average is at $23,292, showing that the price is firmly in bullish territory.
Bitcoin Price Analysis: Bullish pressure results in a higher price near $24,736
The 4-hour Bitcoin price analysis chart shows that the bars have been quite high for the bulls today. Circumstances have been very favorable for the bulls in recent hours as the bulls are dedicated to cross the $24,815 price level. The bulls are developing at a very slow pace as the moving average (MA) remains ahead of today’s price of $24,654.
The technical indicators on the 4-hour chart also suggest a bullish tilt. The Relative Strength Index (RSI) is overbought at 66.96, suggesting that the bulls should be cautious and prepare for a possible pullback. MACD is also in bullish territory and has crossed above zero, indicating more buying pressure. The histogram is in green bars and expanding, indicating that buyers are gaining momentum.
Bitcoin price analysis conclusion
To conclude, Bitcoin price analysis remains bullish as bulls look to make a big push above $24,736 and target higher prices near $24,815. Buyers should be cautious and watch out for a sudden sell-off near these levels as the technical indicators have already entered overbought territory. If the bulls are able to sustain the buying pressure and the technical indicators remain in positive territory, the pair could have a good chance to break above $25,000.
While you wait for Bitcoin to move forward, check out our price estimates on XDC, Polkadot and Curve
