Bulls Drive BTC Above $29,000, More Likely Upside? – Cryptopolite
The recent Bitcoin price analysis shows a steady upward trend for BTC. In the last 24 hours, the token has gained more than 2.67 percent and is trading at $29,613. The bullish trend is led by the buy orders that pushed BTC above the $29,000 mark.
The current range for BTC is between $28,694 and $29,646. As the token moves up, there is a significant resistance level at $29,646 that needs to be broken for further bullish momentum. Currently, the market cap of BTC is $573 billion, with an increase of 2.56 percent in the last 24 hours. However, trading volume for BTC remains low, suggesting that the market is still consolidating.
Bitcoin Price Analysis 24-Hour Chart: BTC Rises Above $29,000 After Bulls Take Over
The daily Bitcoin price analysis benefits the cryptocurrency buyers as the coin value increases during the day. The price underwent a significant improvement as the bulls ruled the market. Today, an increase in BTC/USD value was spotted again as the rising trend has taken it up to $29,613. The green candlestick formation indicates that the buyers have led the trend.
BTC’s price is expected to rise further in the near future as the Bollinger Bands widen with the upper band at $29,745, while the lower band is at $27,768. The Relative Strength Index (RSI) is at 55, which suggests weak bullish sentiment in the market and an increase in buying momentum. Likewise, the Moving Average Convergence Divergence (MACD) has just crossed over into positive territory, indicating that bullish traders are taking the upper hand.
Bitcoin Price Analysis: Recent Developments and Additional Technical Indications
The four-hour Bitcoin price analysis shows an upward trend for the cryptocurrency. Although the price of BTC experienced heavy selling pressure in the last week pushing the token below $28,000, but since then the bulls have been able to gain control and are now driving the coin above $29,000.
The RSI is currently at 57, suggesting that the bulls continue to overpower the bears. The MACD line has just crossed into positive territory while the histogram remains bullish, indicating that buyers have dominated the market. Bollinger Bands have widened, indicating an increase in volatility, which is another positive sign for the bulls. The upper Bollinger band is at $29,671 while the lower band is at $28,299, indicating that the token may break $30,000 soon.
Bitcoin price analysis conclusion
In conclusion, the current Bitcoin price analysis indicates that the bulls are in control and will likely drive BTC above $30,000 soon. The support level for the token is present at $28,694 while the resistance level is at $29,646. Although there is a significant drop in trading volume, the technical indicators suggest that the bulls are still in control of the market.
While you wait for Bitcoin to move forward, check out our price estimates on XDC, Polkadot and Curve
