The most recent Bitcoin price analysis is in favour of the bulls for the day as the price has increased further, and the market is showing positive sentiment toward the crypto pair. The price has been under the bearish shadow for a few hours on yesterday’s trading section, but the coin is maintaining its price levels, yet today a recovery in price value is being observed.
The green candlestick on the price chart is marking a bullish price movement, and the BTC/USD value has increased up to the $28,284 mark, with a gain of over 0.9 per cent in the past 24 hours. The current market sentiment is positive, and the overall market trend is still in favour of the bulls.
Bitcoin price analysis 24-hour chart: BTC surges as the bullish trend continues
The one-day Bitcoin price analysis confirms an increasing trend for the day, as the bulls have been maintaining their lead for the past few hours. The green candlestick is an indication of the rise in price as a result of the continuation of the bullish momentum, and the BTC/USD value has now reached $28,284 after gaining significantly during the last 24 hours.
The buying pressure is increasing, with the trading volume also increasing to $12 billion, and it has gained more than 27 per cent in 24 hours. The market capitalization of the coin is also increasing and currently stands at $547 billion. Additionally, the circulating supply of the coin is currently totalling 19 million BTC, and the overall market trend is still in favour of the bulls.
Further recovery is possible in the coming days if the bullish efforts remain consistent. The moving average (MA) value for the cryptocurrency is now at $28,105, just below the price level.
The volatility has been high as the Bollinger bands are covering more areas now. The Bollinger Bands Indicator shows the following values for today; the upper value is at $28,776, whereas the lower value is at $27,158. The Relative Strength Index (RSI) is in the lower neutral range and has been trading at index 60.80; the indicator hints at low momentum from the bullish side.
Bitcoin price analysis: Recent developments and further technical indicators
The 4-hour Bitcoin price analysis shows the price has been progressing slowly for the past few hours, and an increasing trend was observed in the last four hours as well. The latest upwards trend has improved the cryptocurrency value up to the $28,284 mark after a small correction observed at the start of the trading session.
However, bulls have successfully recovered the corrected amount and are covering the range further upwards. The price is trading below its moving average value of $28,169, and the overall market sentiment is still positive as there are more buyers than sellers in the current market trend.
The RSI is showing an upward curve with an increase in the buying interest, which is a positive sign for Bitcoin. The Bollinger bands are expanding, indicating an increase in price volatility. The upper Bollinger band value is at $28,383, whereas the lower Bollinger band value is at $27,752.
Bitcoin price analysis conclusion
Overall, the technical indicators are pointing towards a bullish trend for Bitcoin, and further recovery is expected as long as the bulls remain in control of the market. The next level for BTC/USD to break lies at the $28,532 resistance mark, where there is a possibility that the market could move up to $29,000.
Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2023-04-10/