BTC Recovers to $22,460 as Bulls Re-emerge – Cryptopolitan
Bitcoin price analysis reveals that BTC/USD is recovering after a bearish strike. Over the past three days, bears have significantly devalued the coin’s value, bringing it down from $23,000 to $22,198, pushing BTC quite low. But today, the bulls have returned to the charts with a notable price rally, as they extended the price function to $22,460. The bullish wave has almost covered the earlier falling downtrend, as BTC has gained 0.45% in the past 24 hours.
The chart indicates a bullish outlook for the pair as it faces pressure from a rising support line and places an uptrend above the $22,400 price level. The bulls now shift their focus to break resistance at $22,613 and push the price even further. This move could propel Bitcoin towards its all-time high of $23,000. The RSI indicator is currently climbing higher, reflecting the bullish sentiment in the market.
Bitcoin Price Analysis 1-Day Chart: Bullish Bet Pushes BTC Above $22,460
Bitcoin price analysis 1-day price chart shows that bulls are leading the price function as the price continues to move in a positive direction. After the steep bearish plunge, today’s recovery is quite supportive for traders as bulls covered an upside range of $22,198 to $22,460 in a quick move.
The market value of BTC has increased by almost 0.41 percent in the last 24 hours, but the trading volume has fallen by 4 percent, showing that the market is still facing some pressure.
Technical indicators on the daily chart all indicate positive momentum, suggesting that the bulls are in charge of the market. The Bollinger Bands are starting to widen, showing that volatility is increasing. The upper Bollinger band is currently at $25,188 and the lower band is at $21,990.
This indicates that an outbreak may be coming soon. At the time of writing, the Relative Strength Index (RSI) is at 43.83, which shows that the market is healthy and that the buyers still have room to push the price up. The price has crossed above the moving average today, which is a further indication of a bullish crossover.
Bitcoin Price Analysis 4-Hour Chart: Bulls Struggle to Break Resistance
The 4-hour price chart for Bitcoin price analysis shows no sign of a bearish obstacle as the price moved up sharply in the first four hours of today’s session, but in the later hours the price movement has slowed down, as the price increase is relatively less in the previous hours , but is still on the higher side.
The 20-day moving average has surpassed the 50-day moving average, creating a bullish crossover. The Stochastic Relative Strength Index (RSI) is currently at 38.78, showing a healthy market and buyers still have potential to push the price up. The RSI has formed higher highs and higher lows showing increasing buying pressure in the market. The Bollinger Bands are still widening, which means the market is still volatile.
Bitcoin price analysis conclusion
Overall, Bitcoin price analysis shows that the buying pressure has typically been so strong that prices have risen to recent peaks. Bulls are also working to sustain prices as they oscillate between a support level of $22,198 and a resistance level of $22,613. The technical indicators are also positive, indicating that buyers still have more room to push prices up. Until BTC/USD breaks above $22,613 with decent volume, it will be in a range-bound movement.
While you wait for Bitcoin to move forward, check out our price estimates on XDC, Cardano and Curve.
