Bitcoin price analysis for today shows that the BTC/USD is looking to move higher after a retracement of gains from the recent all-time high at $24,167. The pair has been forming higher highs and higher lows which is a bullish signal, indicating that the price may move up further in the near future. The BTC/USD is now trading at $23,907 after a strong bullish breakout above the resistance level of $23,167.
The trading volume for the last 24-hour period has also seen an increase, with a total of $34 billion in BTC/USD trades. This indicates that investors are buying into the market, providing further evidence of bullish momentum. The market cap for BTC has also seen an increase, rising to $460 billion.
BTC/USD 1-day price chart: Bitcoin receives positive market sentiment
The 1-day price chart for Bitcoin price analysis shows that the coin rallied high today as it is receiving positive market sentiment. Bitcoin has covered the upside from $22,877 to $24,167 today, as the coin is trading hands at a later value at the time of writing. BTC/USD reports a gain in the value of 3.66 percent over the last 24 hours and is now trading at $23,907.
The relative strength index (RSI) shows hot buying activity in the market for BTC, as it is trading at index 79.81 on an upwards curve in the upper half of the neutral zone, going near the overbought zone. The moving average convergence divergence (MACD) indicator also indicates further upside potential for the coin, as the signal lines move away from each other and the histogram bars start to turn green in color. The moving average indicator is at 23,290, suggesting sideways momentum in the short term.
Bitcoin price analysis: Bitcoin is targeting the $24,167 level
The 4-hour Bitcoin price analysis shows that the bullish momentum is quite strong as the coin has been on the rise for the last 24 hours, slowing down during the last four hours of the previous day’s session and then again spiking higher with the highest spike observed during the current hours. The moving average is at 23,610 and indicates sideways momentum in the short term as BTC/USD gains strength to move higher.
The coin is now targeting the $24,167 level which was observed during the all-time high. If BTC/USD breaks above this level then further upside potential could be seen in the near future. The relative strength index (RSI) is still trending upwards with a value of 57.22, showing bullish momentum. The moving average convergence divergence (MACD) is still trending upwards, with the MACD line trending above the signal line, indicating further upside potential for the coin.
Bitcoin price analysis conclusion
In conclusion, Bitcoin price analysis shows that the coin is currently in a state of bullishness. The coin has gained strength over the last 24 hours with a buying pressure increase and is now targeting the $24,167 level. Which could see further upside potential.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve
Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2023-02-02/