Bitcoin price analysis shows an upward trend for the day as the chances of a bullish recovery are increasing once again. Although the price dropped to a crucial level the previous day, today’s market trend is turning in favor of the bulls. A slight rise in BTC/USD value has been detected, as the price has reached its former high again.
The price analysis of BTC/USD suggests that Bitcoin is currently testing the key resistance level at $21,184. If the bulls are able to break this level, the price will probably reach a new high in the coming days. On the other hand, if it fails to cross above this point, then a fall may be on the cards. The immediate support level for Bitcoin lies at $20,828 and this needs to be closely watched if the price falls below it.
The trading volume for the top coin is currently at $21 billion which indicates that there is a lot of trading interest in the coin. Additionally, the market capitalization stands at $407 billion and has increased by 1.29% over the last 24 hours, showing bullish strength for the crypto asset.
BTC/USD 1-day price chart: Bullish trend initiates price recovery above $21,148 stand
The daily Bitcoin price analysis is confirming an upward price movement for the day, as the bulls are struggling to make a comeback on the price chart again. Although the cryptocurrency value underwent a severe decline in the past few days, today’s market trend supports buyers. The price is now at the $41.43 position as the green candlestick has returned. The Fibonacci retracement levels also show that BTC has room for further growth, with the next key resistance level at $21,184. Additionally, the relative strength index and the moving average convergence divergence indicate a bullish trend for Quant.
The moving average lines used to measure short and long-term trends further reinforce the uptrend, with the 50-day MA above the 200-day MA. Also, the exponential moving average EMA’s, specifically the 10-day EMA and the 20-day EMA, have crossed over, indicating a bullish trend.
Bitcoin price analysis 4-hour price chart: BTC heads back to $21,148 as bullish trend revives
The four-hour Bitcoin price analysis confirms that the market has followed a bullish trend for the past few hours. A considerable rise in buying activity has been observed for the past four hours, as the price increased up to $21,148. Further recovery in BTC/USD value is to follow if the bulls continue making their progress. If we move ahead and discuss the moving average, then its value is at the $20,973 marker.
Looking at the 4-hour relative strength index, it is evident that buyers are slowly taking control of the market. The RSI value is currently at 55.20 and heading toward the overbought zone. This indicates a possible upside push in BTC/USD price if more buyers join in. The exponential moving averages are also above the candlesticks, which is a sign of strength in terms of price. The 9-EMA and the 21-EMA are placed at $20,355 and $20,951, respectively, suggesting a possible upside move in the near future.
Bitcoin price analysis conclusion
Overall, Bitcoin price analysis suggests that the cryptocurrency is currently at a crucial point and a slight cross above the resistance level of $21,184 can push BTC/USD further higher levels in the coming days. On the flip side, if the price falls below $20,828 then more losses can be expected. Therefore, investors should closely monitor the price movements and adjust their trading strategies accordingly to make profits from this volatile market situation.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve
Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2023-01-20/