Recent bitcoin price analysis shows that the cryptocurrency experienced a positive run with a break above the $27,196 support level over the past 24-hours. Buyers have been pushing the price higher recently, and it appears they may be ready to take it for even more.
The next target for the bulls is the $28,000 level. If this level can be broken and sustained, it will confirm a new bullish trend for bitcoin and send the price even higher. On the downside, bitcoin needs to hold above $27,196 to avoid invalidating the recent bullish move.
In terms of market capitalization, bitcoin is still the leader with a dominance of 66.6% and a total market capitalization of $543 billion, an increase of 1.97 percent. The 24-hour trading volume for bitcoin currently stands at $57.4 billion and is up 0.43 percent from yesterday. The current circulating supply of bitcoin is 19,328,750 BTC.
Bitcoin price movement over the past 24 hours: Bullish dominance in the market as the price climbed above $27,196
The 24-hour chart for bitcoin analysis shows that the green bars are continuing to climb, indicating bullish momentum. The daily chart opened with a bullish candle at $27,254 and is still trading in the green. An increase of 1.71 percent over the past 24 hours reflects a strong bullish sentiment for bitcoin, suggesting that the uptrend may continue. In the previous days, the sellers were pushing the prices down but the bulls were able to keep the buyers under control.
BTC/USD 1-Day Price Chart, Source: TradingView
Looking at the technical analysis, an ascending pattern is formed, in which bitcoin price climbs above EMA20. The moving average convergence/divergence (MACD) is indicating a bullish trend with the MACD line trading above the signal line. The Relative Strength Index (RSI) is currently at 65 and it is moving further towards the overbought zone, indicating that buyers are in control of the market and an uptrend can be expected in the near term. The daily moving average is currently at $27,763 and is showing signs of a bullish trend.
Bitcoin Price Analysis: Recent Developments and Further Technical Signs
The 4-hours price chart for bitcoin price analysis is also showing bullish signs, as the bulls ruled the price charts for a few hours. The 4-hours chart also shows an ascending triangle pattern formation, which confirms a potential bullish breakout in the near term and will push the price above the $28,000 mark.
BTC/USD 4-hour chart, Source: TradingView
The hourly technical indicators are also in favor of the bulls, with the hourly 20-SMA hovering above the 50-SMA to indicate that bulls are dominating the market. The hourly MACD is also trading in the positive zone, with the histogram bars rising above the zero line, and the RSI is also moving towards the overbought zone with a reading of 56.05.
bitcoin price analysis conclusion
Overall, the bitcoin price analysis shows that the bulls are currently in control and the price is likely to move higher. A break above $27,196 has opened a fresh bullish move with a target of $28,000. If buyers can hold this level, it will confirm a new bullish trend for bitcoin and push the price higher. The technical indicator readings are also in favor of the bulls and suggest that an upside move is likely soon. However, it is important to keep an eye on key support levels as any marked change in momentum or a sudden drop below them can invalidate the current bullish trend.
Source: www.cryptopolitan.com
