Bitcoin price analysis shows that the market is still recovering from the recent losses it sustained at the beginning of this month. The bulls have taken control of the market and are pushing the BTC price back up to the $22,525 level.
The selling pressure had pushed the price below the $22,500 level, but the bulls quickly bought up the dip and managed to take control of the market. The buying pressure is now leading the BTC price is aiming higher.
The major support level is at around $22,331, and this could act as a strong foundation for any further gains in the near future. Moreover, if the bulls are able to break past the current resistance at $22,584, then Bitcoin may continue its upward trend.
The current outlook of the market remains bullish, and it appears that the bulls are in control. The 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 trying to climb past the $23,00 level
The 1-day price chart for Bitcoin price analysis shows bulls recovered the price up to the $22,525 level from the start of the session, which is major progress after the bearish losses of the last few days. The BTC/USD is up 0.31% since the previous session and is trading around $22,331 at the time of writing. The market cap of the BTC token stands at $434 billion, and the 24-hour trading volume stands at $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 is at 44.38, the market has considerable room to rise before it crosses the overbought threshold. 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 is still bullish.
Bitcoin price analysis: Recent developments and further technical indications
The 4-hour price chart for Bitcoin price analysis also shows the bullish activity taking place in the market for BTC/USD. The price levels have improved much during the last hours as market conditions are in favor of bulls, and the price is expected to rise more.
In a 4-hour price chart, the coin has been forming higher highs and higher lows, which suggests that the bulls are in charge of the market. Moreover, the RSI is at the 40.86 level, and the MACD is still in positive territory, which indicates further bullish potential. The 20-SMA is above the 50-SMA, which confirms that the bulls are in control of the market. The moving average indicator is also pointing to the upside, and it appears that the BTC/USD pair may reach the $23,000 level soon.
Bitcoin price analysis conclusion
Overall, Bitcoin price analysis shows that BTC/USD may continue to increase further near term. Although the current resistance level is present at around $22,584 and any dips will find major support at $22,331. Therefore, it appears that the bulls are in control, and a break above the $22,584 level is likely to occur. Furthermore, technical indicators show further bullish potential, which may result in more gains for BTC/USD.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve
Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2023-03-06/