BTC Blows Above $24,676 As Bullish Increases – Cryptopolitan
Bitcoin price analysis shows impressive rally as bulls take charge pushing BTC/USD above $24,676. The last few hours have seen a significant increase in the coin’s value, and the bullish momentum has made BTC one of the biggest winners in today’s market. The environment is favorable for buyers and if buying momentum picks up, the current bullish wave is likely to continue to intensify. The current resistance for BTC/USD is present at the $24,924 mark. If this level can be broken down, the Bitcoin price could rise towards the next major resistance point at $25,000. However, if buyers fail to break through the resistance, we could see a slight pullback in prices.
On the downside, the current support for BTC/USD is present at $24,168. This level has been tested a few times and buyers have managed to protect it from being broken down. If this support does not hold, Bitcoin could potentially enter a bearish cycle and prices could slide back towards the psychological support of $22,000.
Bitcoin Price Analysis 1-Day Price Chart: Bullish Momentum Revives Again
The Bitcoin Price Analysis daily chart shows the coin bouncing off a descending triangle pattern. Since the previous 24 hours, the bulls have been in charge of the market as the price has broken above the local resistance at $24,924. More gains for Bitcoin buyers seem imminent as the price has just crossed the $24,676 high, increasing in value by more than 1.61%.
The buyers continue to exert themselves, therefore it seems that there are more opportunities for resurrection. Additionally, the moving average (MA) figure on the daily price chart is $222,936, signaling a bullish market trend. The increasing size of the green histograms on the chart suggests that the bulls are in control and will likely continue to push prices higher. In addition, the MACD indicator line is above the signal line and has given a buy signal. The Relative Strength Index (RSI) is at 56.77 and is trending upwards, with more profit potential.
Bitcoin Price Analysis 4-Hour Chart: Buyers’ Momentum Gathers Steam
The 4-hour Bitcoin price analysis chart shows that the bulls are in for this time frame as well. The majority of the increase was seen in the last four hours as bulls gathered tremendous momentum, making BTC one of the top gainers among the top 100 cryptocurrencies. The bullish momentum had previously been modest, so this is good news for buyers. An additional point to consider is the moving average value, which is $24,451 in the case of the four-hour price chart.
Technical indicators suggest a strong uptrend in the hourly chart. The relative strength index shows that BTC has just broken out of neutrality and is now heading towards the overbought territory. MACD shows the strong uptrend of the BTC coin. The MACD line is ahead of the signal line after a positive crossover.
Bitcoin price analysis conclusion
In conclusion, Bitcoin price analysis indicates that BTC is likely to continue to rise in the short term as buyers’ momentum begins to build. However, investors should be alert for any pullback or reversal as resistance levels are tested. If support at the $24,168 level can be sustained, Bitcoin could reach an all-time high of $25,000 or higher.
While you wait for Bitcoin to move forward, check out our price estimates on XDC, Polkadot and Curve
