The recent Bitcoin price analysis shows the cryptocurrency has experienced a positive run in the past 24 hours, with a break above the $27,196 support level. The buyers have been pushing the price higher recently, and it appears that they may be ready to take it even higher.
The next target for bulls is at the $28,000 level. If this level can be broken and sustained, then it will confirm a new bullish trend for Bitcoin and send prices even higher. On the downside, Bitcoin needs to sustain above $27,196 so as not to invalidate the recent bullish move.
In terms of market capitalization, Bitcoin is still leading with a dominance of 66.6% and a total market cap of $543 billion, with a rise of 1.97 percent. The 24-hour trading volume for Bitcoin is currently at $57.4 billion and is up 0.43 percent since yesterday. The current circulating supply of Bitcoin is 19,328,750 BTC.
Bitcoin price movement in the last 24 hours: Bulls have been dominating the market as prices surged above $27,196
The 24-hour chart for Bitcoin analysis shows that the green bars are continuously climbing, signifying bullish momentum. The daily chart opened with a bullish candle at $27,254 and is still trading in the green. The 1.71 percent increase in the last 24 hours reflects a strong bullish sentiment for Bitcoin, suggesting that the uptrend may continue. In the previous days, sellers have been pushing the price down, but the bulls have been able to keep the buyers in control.
BTC/USD 1-day price chart, source: TradingView
Looking at the technical analysis an ascending pattern is formed, with Bitcoin’s price climbing above the EMA20. The moving average converges/divergence (MACD) is also pointing to a bullish trend with the MACD line trading above the signal line. The relative strength index (RSI) is currently at 65 and is further trending towards the overbought region, indicating that buyers are in control of the market and an uptrend may be expected in the near term. The daily moving average is currently at $27,763 and is indicating a bullish trend.
Bitcoin price analysis: Recent developments and further technical indications
The 4-hour price chart for Bitcoin price analysis is giving out a bullish signal as well, as the bulls have ruled the price charts for a few hours now. The 4-hour chart also shows the formation of an ascending triangle pattern, which is further confirmation of a potential bullish breakout in the near term and 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, indicating that bulls are dominating the market. The hourly MACD is also trading in positive territory with histogram bars rising above the zero line, and the RSI is also trending towards the overbought region with a reading of 56.05.
Bitcoin price analysis conclusion
: All in all, the Bitcoin price analysis suggests that the bulls are currently in control and are likely to take prices even higher. The break above $27,196 has opened up a new bullish path with a target of $28,000. If buyers can sustain this level then it will confirm a new bullish trend for Bitcoin and further push prices higher. The technical indicator readings are also in favor of the bulls and suggest an uptrend is likely shortly. However, it is important to keep an eye on key support levels as any marked change in momentum or a sudden dip below them could invalidate the current bullish trend.