The Bitcoin price analysis shows a recovering market trend after a few hours of consolidation in todays trading session. The market for cryptocurrency has seen a rise of 0.14%, which signals that bulls may be taking control and driving up the price.
The current level for BTC is at $28,046 with strong support seen at $27,738. This uptrend could be further supported by an increase in volume leading to a breakout above the short-term resistance of $28,301 and higher in the long run.
The Bullish and the bearish have been in a tight tug of war for the past few hours in today’s trading section. The bulls are slowly taking control as investors look to take profits off the table, while the bears remain cautious about market volatility. This indicates that there is strong buying pressure in the market which may send Bitcoin prices higher in the near future.
Bitcoin price analysis 24-hour chart: BTC is currently above $28,000 level after bullish run
The 24-hour chart shows that the price of Bitcoin is currently trading above $28,000 after a minimum bullish pattern was formed. The bears had pushed the BTC price below $28,000 but the bulls quickly moved back in to take control of the market. The buying pressure has been increasing in recent hours which is a bullish sign for investors.
The Bitcoin market cap stands at almost $542 billion, increasing by 0.14% over the past 24 hours and making it one of the largest digital assets in terms of market capitalization, while the 24-hour trading volume is recorded at over $14.3 billion. The circulating supply of BTC tokens is currently 19 million, according to CoinMarket Cap.
The 20-EMA is currently standing above the 50-EMA, which indicates that bullish momentum is building. The RSI indicator is also currently trending at 60.67, further confirming the uptrend in the digital asset’s price. The volatility is high, although not as high as it was a few weeks ago, with Bollinger bands showing that the price could test higher levels in the near future. The upper Bollinger band is currently at $28,873, while the lower Bollinger band is at $27,160. The moving average indicator MA50 has crossed above the MA200, which is a sign of further upside in the Bitcoin price.
Bitcoin price analysis: Recent developments and further technical indications
Looking at the hourly chart for the Bitcoin price analysis, we can see that the price has formed an ascending triangle pattern. This is a bullish pattern that forms when the price is trading between two horizontal resistance and support levels. The buying pressure has been increasing in the past few hours and it looks like bulls are slowly taking control of the market.
The volatility is high and the Bollinger bands are starting to widen, which could signal further upside in the BTC price. The upper band is currently at $28,617 while the lower band is at $27,854, indicating further upside. The RSI indicator is currently trending at 48.39 which could mean that bulls are battling for the control of the market to rise above neutral region. The 4-hour moving average indicator is currently at $27,224 and the 20-SMA is above the 50-SMA, which indicates that there could be further upside in the Bitcoin price.
Bitcoin price analysis conclusion
From the above analysis, it is clear that bulls are taking control of the market and that there could be further upside in the price of Bitcoin. The 24-hour chart shows a bullish pattern and increasing buying pressure, while the hourly chart suggests further upside as well. The selling pressure is decreasing and the volatility is high, which could mean that Bitcoin prices could break out above the $28,301 resistance level in the near future.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve
Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2023-06-04/