The Bitcoin price analysis is a bullish trend after a long bearish bear market. The BTC/USD pair saw a downward correction today after reaching an intraday high of $27,128, which is a strong resistance level. The bulls are now attempting to retake this level and push the price higher.
The pair is currently trading at $26,909 after bouncing off the $26,415 support level. The BTC is up by 1.15 percent in the last past few hours, and the price is expected to continue rising in the near future. The bulls and bears have been engaging in a tug-of-war for the last few hours, but the bulls seem to be winning. The market capitalization for the token is also rising and currently stands at $521 billion, with a surge of 1.27 percent in the last 24 hours. However, the trading volume is still quite low, with only $13 billion worth of trades taking place in the last 24 hours.
Bitcoin price analysis on a daily timeframe: Bulls hold their ground despite sell-off
The one-day chart for Bitcoin price analysis shows that the bullish momentum is strong, and a further price increase is expected in the coming hours as bulls continue their rally. The buying volume is, and if the buyers continue to stay strong, the trend can be expected to extend even further, above $28,000. On the downside, the $26,415 support level is proving to be strong, and any further sell-off in this range could be limited.
On the daily chart, the technical indicators are also favoring the bulls. The 50-day moving average is trading above the 200-day moving average, which is a bullish sign and suggests that the BTC price could continue to rise in the upcoming days. Furthermore, the Relative Strength Index (RSI) is hovering at a very healthy level of 40.82, indicating that there’s still room for further upside. The MACD is also in positive territory, as the signal line is trading above the MACD line, which is another bullish sign.
Bitcoin price analysis on a 4-hour chart: BTC trades in a tight range
Bitcoin price analysis on the 4-hour chart shows BTC trading in a tight range. The volatility is quite medium as the price went up and down in the range of $26,415 to $27,128. In the past few hours, the bearish was favorable; however, the bulls managed to hold their ground and are now in a strong position to push the price above $27,000.
Despite a slight retracement last few days, the overall technical indicators are still showing strong bullish signals, suggesting that there is plenty of upside potential for BTC/USD shortly. Buyers are keeping the BTC price above the 20 simple moving average. But it looks like buyers may soon lose this level if the crypto breaks below the short-term bullish trendline. For the short-term outlook, below the 20 SMA, the price could again move to yearly lows. However, the RSI indicator is slowly rising above the oversold zone. The MACD indicator is also in positive territory, with a signal line above the MACD line at -64.04, indicating that the bulls are in control of the market.
Bitcoin price analysis conclusion
Overall, the Bitcoin price analysis shows a very promising trend, and investors can expect to see a further uptrend in the upcoming days. If the bulls manage to break the $27,000 level, then BTC/USD could reach new highs soon. The key levels to watch out for are $26,415 and $27,128. If the price falls below these levels, the bearish momentum could take over again.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve
Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2023-05-19/