Today’s Bitcoin price analysis report is in support of the bulls as their accomplishments have been remarkable. The largest digital asset in the world continues to rise as the BTC/USD pair is trading close to its all-time high at $20,835.14. The bears have not been able to maintain any traction and continue to be overwhelmed by an influx of buying pressure. This has led Bitcoin’s price to break key resistance levels and march toward new highs.
The digital asset has reached above $20,000, and the $21,075.14 resistance level seems to be next in line for a bullish breakout. This means that if buyers remain in control of the market, Bitcoin could be looking at another new all-time high soon. However, there is still an imminent risk of pullbacks as the markets remain highly volatile. Bulls are trying to keep the price of Bitcoin above the 200-day exponential moving average (EMA) and have managed to do so in recent days. The overall market sentiment is positive, as most altcoins remain bullish against both USD and BTC pairs. Ethereum has been making steady gains on its path toward $1,516, while Cardano’s ADA coin continues to outperform the market.
BTC/USD 1-day price chart: Buyers to outstrip their position?
The 1-day Bitcoin price analysis for the BTC token indicates that the bullish momentum has been increasing throughout the day after the token made a jump higher yesterday. The past week has proved quite profitable for BTC as the bulls mainly ruled the market. Yet, today there has been a further upshift in the price levels as the price has increased up to a $20,835 all-time high, as the token has gained an 8.83 percent value during the day.
The progress is appreciable as the price levels have left behind the moving average (MA) as well, which is at an $18,121 value. The trading volume has also increased by a large margin since the dip that occurred last week. Today’s market capitalization stands at $400 billion. The technical indicators on the 1-day chart show that the relative strength index (RSI) and moving average convergence divergence (MACD) are both bullish and heading higher, which indicates a good buying opportunity for the token.
Bitcoin price analysis 4-hour chart: Recent updates
Bitcoin price analysis show bulls have been progressing in a relatively aggressive manner, as is evident from the 4-hour chart as well. The BTC price value has been continuously increasing over the past few hours, and it has reached the $20,835 level after the recent uptrend. The price is present above the upper value of the $ 20,000 range, and it is likely that the token will continue to remain within these levels.
The 4-hour chart also shows that the RSI and MACD values are in favor of the bulls. The buying pressure has been increasing due to high trading volume as well, which could act as a positive catalyst for further price increases in the near term. The moving average value, which on the other hand, is at the $19,992 level.
Bitcoin price analysis conclusion
Bitcoin price analysis suggests the market speculations for a new round of uptrend have been confirmed as the token has started to rally high. The bulls have been progressing aggressively since yesterday, and at present, the crypto pair’s value has touched a $20,835 all-time high. It can be expected that the cryptocurrency may make it to $21,000 in the current cycle of the uptrend.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve
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Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2023-01-14/