SNEAK PEEK
- Bitcoin price analysis displays a bullish market sentiment.
- BTC is trading at $29,414, up by 0.67 percent.
- Support for BTC is present at $29,162.
Today’s Bitcoin price analysis shows a positive outlook as the bulls continue to push the price higher. The current price of Bitcoin is at $29,414 and appears to be in the middle of a retracement after dipping below the $30k mark a few days ago. BTC has gained 0.67 percent in the past 24 hours, indicating a mounting bullish momentum as BTC attempts to reclaim the $30k level.
Currently, strong support can be seen at $29,162, which could provide some resistance if BTC continues to rise. If the bears take control of the market and pull prices lower, the $29k level could provide some support and prevent BTC from further losses. The next level of resistance that needs to be broken is the psychological barrier of the $30k mark. If this is achieved, then Bitcoin could rally for more gains.
Bitcoin’s market capitalization is currently at $571 billion, making it the largest cryptocurrency in terms of market cap. It continues to dominate over 48.2 percent of the total cryptocurrency market capitalization, about $1.19 trillion. The daily trading volume for BTC has also remained strong and currently stands at $13.0 billion, showing an increase of 20 percent in the last 24 hours.
Looking at the 4-hour chart, BTC has been forming an upward trend since 24th July, when it was trading at $29k. BTC has breached the 20-day Exponential Moving Average (EMA) and is trading toward the 50-day EMA. The Relative Strength Index (RSI) also remains positive as it trends northwards in a neutral region. If the buying pressure increases, the RSI could climb above the 50 index in the coming sessions.
The Moving Average Convergence Divergence (MACD) indicator also indicates a bullish momentum as it forms higher highs and lows. The MACD line (blue) has crossed above the signal line, increasing buying pressure. The histogram is growing stronger and will likely remain positive if the bulls keep BTC above $29k.
The Bollinger band indicator also indicates that BTC is in bullish market sentiment as the price trades near the upper band. A series of green candlesticks have formed close to the upper band, indicating buyers fully control the market. A break of the resistance level at $29,675 could see BTC rally towards the key psychological barrier of $30k.
Overall, Bitcoin price analysis shows that BTC is trading on an uptrend and will likely continue its bullish momentum if it breaches the $29,675 resistance level. With strong support at $29k and a rising daily trading volume, Bitcoin could continue to rally for more gains soon.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.
