Bitcoin price analysis is noticeably bullish today as the market cap has gone up by 2.4 percent. In the last 24 hours, BTC/USD retraced from $16158 all the way to $16640. Overall, Bitcoin has been quite volatile recently.
The crypto heap map shows that the entire market has some positive sentiments today. Ethereum has gone up by 3.9 percent. At the same time, other altcoins like Ripple and Cardano are also in the greens. This is apparent from the fact that all the coins are trading in the green today.
As the daily Bitcoin price analysis chart shows, the RSI level is currently at 40. So, the market is quite healthy and is not leaning towards either the oversold or overbought side. The MACD indicator is also showing some healthy growth with a crossover in the lines impending. This means that Bitcoin might further retrace toward the upside in the coming 24 hours.
Bitcoin 24-hour price movement
In the last 24 hours, Bitcoin managed to mark a 24-hour high of $16640 after retracing from yesterday’s closing price of $16158. If we consider its overall market cap, there has been an increase of 2.41 percent. So, the overall 24-hour volume to market cap ratio is currently standing at 0.1026.
4-hour Bitcoin price analysis: Is BTC/USD gearing for the upside?
Based on the 4-hour Bitcoin price analysis, one can say that Bitcoin might be gearing up for the upside in the next few intervals. We can see that the histograms on the MACD indicator show positive sentiment. However, the RSI might be leaning a little toward the overbought side.
However, if we refer back to the daily chart, it is obvious that the overall positive momentum for Bitcoin is still building up. This can further push its price up in the coming few hours.
Bitcoin price analysis: Conclusion
Based on the daily and 4-hour Bitcoin price analysis, we can conclude that there is still room for Bitcoin’s price to go up in the next few hours. So it is a good time for traders to invest, especially those who are looking for a short-term profit.
However, as always, one should remember that the crypto market as a whole, is full of uncertainties. The market can be volatile and sometimes move in the opposite direction. So, make sure that you are only investing what you can afford to lose.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2022-11-23/