The Bitcoin price analysis is showing a positive trend in the market today, with bullish indicators continuing to dominate. The token is currently trading at $28,490, with a 24-hour surge of 0.92 percent, indicating a strong market sentiment. The bulls have taken control of the market, and it looks like they are ready to push the BTC price further up.
The previous day the market was in a bullish trend, and the price of BTC was above $28,000 level. However, with strong buying pressure from investors and traders, the price moved up to $28,490 in a short span of time. This is likely due to the increasing demand for BTC and a lack of selling pressure from sellers. The current resistance level stands at $28,739, which is expected to be broken by the bullish momentum that has taken over the market.
Bitcoin price analysis 24-hour chart: Bulls taking over at $28,490 after bullish pressure
The 24-hour Bitcoin price analysis shows an uptrend in the market with bulls taking control of the price action at $28,490. In the past 24 hours, BTC/USD the bears and bulls have been battling it out with the bulls pushing the price up, with a trading range of $27,979 to $28,739 indicating a bullish trend.
The daily trading volume reached up to 15 million dollars, a decrease of more than 13.18 percent from yesterday. This indicates that the selling pressure is in the market and the buyers need to hold their positions strong to keep up the upward trend. The market cap for the token stands at $550 billion, with the total circulating supply at 19 million.
The daily technical indicators are largely in favor of the bulls. The MACD indicator is in the positive zone, with the MACD line above the signal line indicating a bullish market. The 24-hour RSI is also trading at 62.31, which is well near the neutral 50 levels. The Bollinger band on the daily chart is also favoring the bulls. The volatility of the coin is increasing, with the upper band at $28,815 and the lower band at $26,943.
Bitcoin price analysis: Recent development and further technical indicators
The hourly Bitcoin price analysis is still showing a bullish trend in the market, with buyers continuing to dominate. The market opened trading in the bearish territory at $27,979, however, with increasing buying pressure the price climbed up to $28,490. The moving average converges divergence (MACD) is in the bullish zone, with its signal line above the MACD. Additionally, the histogram is increasing, with red bars turning green.
The relative strength index (RSI) is above the 50 index at $57.09 and is expected to slope toward the overbought zone. The Bollinger Bands are showing a positive trend as the lower and middle bands remain close to each other, indicating that the buying pressure is strong. The Upper Bollinger band is currently at $28,620, while the lower band is at $27,711.
Bitcoin price analysis conclusion
Overall, the Bitcoin price analysis shows a positive trend in the market with bullish indicators continuing to dominate. The token is currently trading at $28,490, with strong buying pressure from investors and traders. The technical indicators are largely in favor of the bulls, with a breakout expected soon. The resistance level is currently at $28,739 and is likely to be breached in the near future If the bullish persists.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve
Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2023-05-04/