The Bitcoin price analysis reveals that the BTC/USD is on recovery after a bearish strike. During the last three days, bears devalued the coin value significantly, bringing it down from $23,000 to $22,198, which stooped the BTC quite low. But today, the bulls have returned to the charts with a notable rise in price, as they boosted the price function to $22,460. The bullish wave has almost covered the previously declined downtrend, as the BTC gains 0.45% in the past 24 hours.
The chart is indicating a bullish outlook for the pair as it faces pressure from an ascending support line and places an uptrend above the $22,400 price level. The bulls are now shifting their focus to break resistance at $22,613 and push the price even further. This move could propel Bitcoin toward its all-time high of $23,000. The RSI indicator is currently climbing higher, reflecting the bullish sentiment in the market.
Bitcoin price analysis 1-day chart: Bullish efforts push BTC above $22,460
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 $22,198 to $22,460 in a swift move.
The market cap of BTC has increased by almost 0.41 percent in the past 24 hours, however, the trading volume has declined by 4 percent, showing the market is still facing some pressure.
Technical indicators on the daily chart all indicate positive momentum, suggesting that the bulls are in charge of the market. The Bollinger Bands are beginning to expand, which shows that volatility is increasing. The upper Bollinger band is currently at $25,188, and the lower band is at $21,990.
This indicates that a breakout could be incoming soon. As of this writing, the Relative Strength Index (RSI) is at 43.83, which shows that the market is healthy and that buyers still have room to push the price up. The price has traveled above the moving average today, which is a further indication of a bullish crossover.
Bitcoin price analysis 4-hour chart: Bulls struggle to break resistance
The 4-hour price chart for Bitcoin price analysis shows no signs of a bearish hindrance as the price moved steeply up in the first four hours of today’s session, but during the later hours, the price progression has slowed down, as the price increment is comparatively less in the preceding hours, but is still on the higher side.
The 20-day Moving Average has surpassed the 50-day Moving Average, creating a bullish crossover. The Stochastic Relative Strength Index (RSI) is currently at 38.78, exhibiting a healthy market and buyers still have the potential to push the price up. The RSI has formed higher highs and higher lows which show increasing buying pressure in the market. The Bollinger bands are still expanding, which means the market is still volatile.
Bitcoin price analysis conclusion
Overall, Bitcoin price analysis shows that the buying pressure has typically been so strong that prices have risen to recent highs. Bulls are also working to maintain prices as they swing between a support level of $22,198 and a resistance level of $22,613. The technical indicators are also bullish, indicating that the buyers still have more room to push prices up. Until BTC/USD breaks above $22,613 with decent volume, it will be in a range-bound motion.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve.
Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2023-03-05/