Sneak Peak:
- In the previous 24 hours, BTC has set a 90-day high of $24,167.21.
- During the past day, the bulls were in the driver’s seat in the Bitcoin (BTC) market.
- Indicators hint at bulls retaining control in the immediate term.
Bitcoin’s price has risen to a historic high of $24,167.21 in February 2023, its 90-day high. Bears’ efforts to grab the market were thwarted in the previous 24 hours when BTC found support at $22,877.75. As of press time, the bullish control has raised the price to $23,824.46, a 3.30% increase.
The market capitalization and 24-hour trading volume increased by 3.25% and 36.14%, respectively, to $459,477,407,140 and $30,501,716,334, indicating significant purchasing pressure in the market.
The presence of Bollinger bands in a linear pattern on the 4-hour price chart, with the top bar at 23922.11 and the lower band at 22546.29, suggests that the Bitcoin price is forming a sideways channel. With the development of this sideways channel, the Bitcoin price might continue inside the upper and lower bands until there is a breakout in either direction. However, since the price movement is more regularly moving toward the upper band, a bullish breakout of this channel is more probable. A buoyant flight indicates that the Bitcoin price will rise, which signals investors to join the market.
With a value of 6.3920, the Know Sure Thing (KST) indicator is moving above the signal line, indicating that the Bitcoin price is in an uptrend and may break out of the channel to the upside. This is a positive indicator, and investors may see it as an excellent time to enter the Bitcoin market.
However, if the $24,167.21 resistance level fails to hold, the following resistance levels will likely be around $24,700 and $25,500. On the other hand, if the bulls delay and the bears take market dominance, the Bitcoin price may be driven down toward the $23,500 support and then back into the channel.
The Bollinger bands are bulging on the 1-day price chart, with the upper band at $24,503.94 and the lower band at $20,417.75. The growing gap between the two bands indicates that market volatility is rising, and traders should be prepared for higher price fluctuations both up and down.
The price action forming a green engulfing candlestick as it advances towards the upper band is a powerful bullish indicator, eyeing the breakout of $24,503.94, which might offer more encouragement for the market to rise. Conversely, if there is a big selloff, the bottom band around $20,417.75 might provide support.
On the other hand, the Know Sure Thing (KST) indicator has lately moved below its signal line with a reading of 291.2580, suggesting that the bullish momentum is fading, and traders should be aware of this probable reversal. This move means that a corrective pullback may be in the cards, and traders should be cautious in setting expectations for further upside.
Bulls must keep pushing BTC prices higher and maintaining resistance levels to remain in control of the market.
Disclaimer: In good faith, we disclose our thoughts and opinions in our price analysis, as well as all the facts we give. Each reader is responsible for his or her own investigation. Reader discretion is advised before taking any action.