BTC price recovers to $22,525 as bulls take control – Cryptopolitan
Bitcoin price analysis shows that the market is still recovering from the recent losses it suffered at the beginning of this month. The bulls have taken control of the market and are pushing the BTC price back to the $22,525 level.
The selling pressure had pushed the price below the $22,500 level, but the bulls quickly bought up dips and managed to take control of the market. The buying pressure is now causing the BTC price to aim higher.
The major support level is around $22,331 and this could act as a strong base for further gains in the near future. Also, if the bulls manage to break past the current resistance at $22,584, Bitcoin could continue its uptrend.
The current outlook for the market remains positive and the bulls seem to be in control. Recent gains have been quite impressive as the number of investors in the crypto space continues to grow.
Bitcoin Price Analysis 1-Day Chart: Bulls are trying to climb past the $23.00 level
The 1-day price chart for Bitcoin price analysis shows that bulls have recovered the price up to the $22,525 level from the start of the session, which is a big improvement after the bearish losses of the past few days. BTC/USD is up 0.31% since the last session and is trading around $22.331 at the time of writing. The market capitalization of the BTC token is $434 billion and the 24-hour trading volume is $16.75 million, indicating that the market has plenty of liquidity with more buyers entering the market.
According to the 24-hour relative strength index (RSI), which stands at 44.38, the market has considerable room to rise before crossing the overbought line. The market is currently in bullish territory as the moving average convergence divergence (MACD) is above the signal line (red). Given that the 200-day moving average is at $22,491 and the 50-day moving average is at $22,490. The long-term trend remains bullish.
Bitcoin Price Analysis: Recent Developments and Additional Technical Indications
The 4-hour Bitcoin Price Analysis price chart also shows the bullish activity taking place in the BTC/USD market. The price levels have improved a lot in the last few hours as the market conditions are in favor of bulls and the price is expected to rise more.
In a 4-hour price chart, the coin has formed higher highs and higher lows, suggesting that the bulls are in charge of the market. Also, the RSI is at the 40.86 level and the MACD remains in positive territory, indicating further bullish potential. The 20-SMA is above the 50-SMA, confirming that the bulls are in control of the market. The moving average indicator is also pointing to the upside and it looks like the BTC/USD pair may soon reach the $23,000 level.
Bitcoin price analysis conclusion
Overall, Bitcoin price analysis shows that BTC/USD may continue to rise further in the near term. Although the current resistance level is present at around $22,584 and any drop will find major support at $22,331. Therefore, the bulls seem to be in control and a break above the $22,584 level is likely to happen. Furthermore, technical indicators show further bullish potential, which could result in more gains for BTC/USD.
While you wait for Bitcoin to move forward, check out our price estimates on XDC, Polkadot and Curve
