The latest Bitcoin price analysis is giving the lead to the buyers, as the bullish momentum has gained stability in the last 24 hours. The price is on its way toward revival and has recovered up to the $23,009 mark during the day. For the past few weeks, the overall market trends have been in bearish support, but currently, the circumstances are seemingly transforming. Further recovery is possible if the buyers remain persistent in their efforts.
The BTC/USD is currently trading above the $23,000 level after the sudden upturn in the market. The buyers have been pushing the price above this level and the overall market sentiment is also supportive of this trend. The bears have been trying to bring the price down below $22,900 but have failed in their attempts. The bulls are trying to maintain the momentum and break through the resistance level of $23,143.
The market cap has gained to $442 billion and the 24-hour trading volume is also rising to $27 billion Which indicates that the number of traders is increasing in the market.
BTC/USD 1-day price chart: Cryptocurrency value finds recovery above the $23,000 level
The daily Bitcoin price analysis shows signs of a slight recovery in coin value, as the price curve took an upturn in the last 24 hours. This is being confirmed by the improvement in price, as it is now standing at a $23,009 high. In the prior weeks, the bears remained in the leading position, but today, the buyers changed a bit.
The price is still quite low if we compare it to its moving average (MA) value of $22,011. The SMA 50 is also below the current market value, which means that there is still room for improvement in the price before it can reach its actual potential, while the 200 SMA is above the current price, hinting at a possible uptrend if buyers remain in control.
The relative strength index (RSI) is also showing a bullish crossover, indicative of a possible increase in buying pressure. The MACD indicator is also showing a bullish crossover which is an encouraging sign for the buyers.
Bitcoin price analysis: Bullish strike launches price above $23,009 hurdle
The four-hour Bitcoin price analysis shows an increasing trend taking over the crypto market. The price is going high for BTC/USD, as it rose to $23,143 high in the preceding hours. The last four hours yet again proved favorable for the cryptocurrency buyers, and the green candlesticks are noticeably dominating the price chart. If we move toward the moving average indicator, it shows $22,913.
The Relative Strength Index (RSI) score has reached near the border of the oversold center line of the neutral zone at index 65.62, with its upward curve indicating solid buying activity in the market. The MACD indicator is showing a bullish divergence as the MACD line has been trading above the signal line.
Bitcoin price analysis conclusion
The Bitcoin price analysis reveals that the bulls are currently in control, with strong buying momentum pushing the coin’s value above the $23,000 level. The bullish momentum gained stability in the past 24 hours, as the price stepped up to $23,009. Further improvement is to follow if the buyers show consistency with their efforts. The hourly price chart shows an increasing number of green candlesticks, a further indication of an upward trend.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve
Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2023-01-24/