Today Bitcoin price analysis shows that the bulls have successfully made a comeback in the last 24 hours because of the sudden rise in buying activity. The bulls have been maintaining their leading position for the past few days as a constant rise in BTC/USD value can be determined. Today, the price showed a bullish inclination once again due to buyer pressure. The uptrend has enhanced the coin value up to $18,937 high.
If buying pressure increases and the market manages to sustain itself above $18,937, then we can expect a further rise in the coming days. Major support is present at the $17,995 level. The next target for the BTC is $19,000 if the bulls continue to push it higher.
The current market trend is showing a steady increase in buyers and sellers, as the trading volume has risen to $31 billion over the past 24 hours. The market cap is also on the rise, currently standing at $363 billion.
BTC/USD 1-day price chart: Price gains stability above $18,937 after a bullish trend
The one-day Bitcoin price analysis shows increasing chances of recovery for the bulls as a rise in BTC value is observed. The price covered an upward movement today; as a result, the coin value has heightened up to $18,937. This is a promising sign for the buyers, as earlier, the situation was quite critical because of the downswing. A gain of 4.06% has been recorded in the last 24 hours, which is a positive sign.
The price is now standing higher than its moving average (MA) value which is $17,565. The relative strength index (RSI) is also in the bullish zone at 57.18 and is climbing above it as well. The MACD is also in the buying zone, showing further stable progress.
It seems that the buyers are not ready to quit as they have managed to stay firm above $18,937, which could be the beginning of a new bull rally. The buyers should also keep an eye on the $17,995 support level for any sudden downturns.
Bitcoin price analysis: Bullish rally elevates coin value up to $18,937 peak
The four hours Bitcoin price analysis confirms a strong bullish trend as the price has undergone an extraordinary improvement in the last few hours. The overall recovery has been phenomenal as the price has surpassed the $18,937 hurdle in the last four hours. It can be highly expected that the price will soon cross the $19,030 resistance in the next few hours.
The moving average value in the four hours price chart is standing at $18,627. The RSI score jumped high to 77.85 as the bulls have been leading the market for a while. The MACD is also in the buying zone, confirming a bullish trend. The orange line of the MACD is also above the blue line, which indicates higher buying pressure as compared to selling pressure.
Bitcoin price analysis conclusion
The Bitcoin price analysis is going in a bullish direction for the day because of the sudden recovery. The uptrend is at its peak as the price has reached $18,937 height in the last 24 hours. Further upside is to follow in the next few days if the buyers put in efforts to achieve their next target.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve
Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2023-01-13/