The latest Bitcoin price analysis shows that the Bitcoin market has entered bullish territory following massive buying. Bulls have taken control of the market today after a long bearish spell. The BTC market was rejected at the $20,721 level, which led to a drop in value followed by an uptrend.
Cryptocurrency price heat map, source: Coin360
As the collapse of Silicon Valley Bank (SVB) on March 10 sparked fear, uncertainty, and doubt (FUD) in Crypto asset markets; despite the negative news, BTC has returned to strength. Currently, the Crypto currency is trading back above the $20,000 mark.
The market value of BTC has also increased to $398 billion, with a 24-hour trading volume of $20 billion as of today. Given that the bulls are still in control as more buying emerges, the positive market trend is likely to continue in the coming days.
1-day Bitcoin price analysis: The market maintains momentum above $20,500
The 24-hour chart for Bitcoin price analysis shows that the market is moving in a positive direction, maintaining momentum above the $20,500 level. The past few days have observed a bearish streak in the BTC market, but the buying pushes the price back up, with bulls dominating the market. The BTC/USD market is up nearly 1.76% in the past 24 hours and is expected to continue the bullish trend in the near future.
From a technical perspective, the Moving Average Convergence Divergence (MACD) indicator is in the positive zone. The MACD line is trading above the signal line on the daily chart. The bullish sentiment in the market is further confirmed by the histogram, as the histogram is currently green, indicating increased buying pressure.
BTC/USD 1-day chart, source: TradingView
The relative strength index (RSI) is also bullish as it trades above $30 at $39.06 on the daily bar chart. This suggests that there is still some buying pressure in the market, and if this trend continues, then we may see further gains for Bitcoin. The moving averages are also bullish, as the 50-day and 200-day SMAs are above the current price. This suggests that the market is still in a strong uptrend.
BTC/USD 4-hour analysis: Bulls aim to break resistance at $20,721
The 4-hour chart of Bitcoin Price Analysis shows that the market continues a bullish trend. The bulls have made several attempts to break the $20,721 resistance but have not been successful yet. However, if the bulls manage to break above this level, then we could see a further surge in price. The support level at $20,225 established during the correction phase remains intact. This suggests that market sentiment remains bullish as buyers continue to accumulate BTC/USD.
BTC/USD 4-hour chart, source: TradingView
The MACD indicator on the 4-hour chart is also in positive territory and forming a bullish cross above its signal line. Also, the MACD histogram is also trading above the zero line, which confirms the bullish trend. The RSI indicator is also bullish as it trades below 41.38 at 48.79 on the 4-hour chart. This suggests that there is still some near-term room for prices to rise if buying pressure remains intact. The moving averages are also bullish, as the 50-day and 200-day SMAs are above the current price.
Bitcoin Price Analysis Conclusion
Overall, Bitcoin price analysis seems to point to a strong uptrend in the near future. As indicated by various technical indicators, the market has regained its strength and the bulls are still in control. If the buying pressure holds, then we may see further price gains for BTC/USD in the coming days. However, if there is any negative news or a sudden sell-off, the market may turn bearish.
Source of information: Compiled from CRYPTOPOLITAN by 0x Information.Copyright belongs to the author Ann Mugoiri, without permission, may not be reproduced