The Bitcoin price analysis reveals BTC/USD is on recovery after a slight bearish strike that was triggered earlier today when the price touched the $26,588 support. The bulls have since been able to push the price of BTC to new heights with good buying pressure. The BTC/USD is currently trading at $27,915, and the price continues to hover around this level.
The support level for BTC/USD is at $26,899, which was textured earlier today when the price moved down. The bulls have been able to successfully defend this support level which means that the current bull run is likely going to continue. The next major resistance for BTC/USD is at $28,044, and if the bulls can maintain their strength and break this level, they will be able to push the price much higher.
BTC/USD 1-day price chart: Cryptocurrency trades in greens as bulls continue ruling
The 1-day price chart for Bitcoin price analysis shows bulls are leading the price function as the price continues to move in the positive direction. After the steep bearish plunge, today’s recovery is quite supportive for traders, as bulls covered an upwards range of $26,889 to $28,044 in a swift move. Overall the BTC/USD gained 3.53 percent value over the last 24 hours and has gained more than 35 percent value over the past week. The trading volume of BTC/USD currently stands at $33 billion, and the overall market capitalization of Bitcoin is now over $541 billion.
The volatility for BTC/USD is on the higher side as the Bollinger bands show expansion, with the upper band at the $27,812 mark and the lower band at the $19,076 mark, making an average at the $ 23,444 mark. The price has traveled above the moving average today, which is a further indication of a bullish crossover. The relative strength index (RSI) is again going to hit the overbought zone if the current buying activity in the market continues, as the RSI is on an upwards curve at index 72.80 but is still in the overbought zone.
Bitcoin price analysis: Recent developments and further technical indications
The 4-hour price chart for Bitcoin price analysis shows the bulls are still in control as the price trend is on an upswing. The buying pressure is still strong as the upside breaks above $28,000 has been solid. The moving average (MA) is also rallying in support of the bulls, as the MAs are on an upswing, and their convergence reflects a bullish crossover.
The relative strength index (RSI) is also showing good buying pressure at index 72.11. This indicates that the price of BTC/USD can move further upwards if the buying pressure persists and the bulls can continue to defend the $26,899 support. The 50-day moving average is also on a positive trajectory and indicates that the current bull run is likely to continue. The Bollinger bands have also started expanding, indicating volatility in the market and further price movement in either direction. The Upper and lower bands are, respectively, at $28,680 and $25,098, making the average at the $26,889 mark.
Bitcoin price analysis conclusion
The Bitcoin price analysis reveals that BTC/USD is on a recovery run after a bearish strike earlier today when it touched the support level of $26,889. Bulls have been successful in defending this support level, as the price is currently trading above $27,992, and there seems to be good buying pressure in the market. The technical indicators also suggest that the current bull run is likely to continue if the bulls can maintain their buying pressure and break the $28,044 resistance.
Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2023-03-19/