BTC Tops $26,000 Again, Further Gains Coming In? – Cryptopolite

BTC Tops ,000 Again, Further Gains Coming In?  – Cryptopolite

The latest Bitcoin price analysis for today shows a strong bullish rally as BTC/USD rises above $26,000 for the second time this week. Bitcoin is trading in a general uptrend, with the current price of $26,911 up 7.35% in the last 24 hours. This positive momentum is driven by strong buying activity from investors and traders looking to capitalize on the recent rise in Bitcoin prices.

The next resistance level that BTC/USD needs to break before further gains are likely is $26,927.81. This resistance line is critical to the continued bullish momentum of Bitcoin, and a break above this point could signal further price upside in the near term. Additional support levels can be seen at $24,624.

The gain in the Bitcoin price has also been attributed to the crypto banks such as Silvergate Bank and Signature Bank, which have supported the cryptocurrency industry by providing key banking services to exchanges and other crypto-related businesses. This in turn has enabled the industry to grow and expand further.

Bitcoin Price Movement in the Last 24 Hours: Bulls Gain Momentum at $26,911

The daily Bitcoin price analysis confirms a strong bullish trend for the market today as the price rose sharply in the last 24 hours. The buyers have been in a leading position for the past three days as a continuous improvement in the BTC/USD value was observed. BTC/USD has gained more than 5.67% in the past seven days as bulls have successfully maintained strong momentum.

See also  Bitcoin transfers rise, but exchange activity remains flat

The circulating supply of Bitcoin has increased to 19,319,956 BTC, and the market cap is around $516 billion, with an increase of 7.23% in the last 24 hours. The dominance of Bitcoin stands at 44% and remains consistent despite recent gains. The trading volume of Bitcoin has also increased to $42 billion in the last 24 hours, indicating an increase in buying activity.

picture 352
BTC/USD 1-Day Price Chart, Source: TradingView

Looking at the technical indicators, the Moving Average Convergence Divergence (MACD) indicator is in the positive zone. The Bollinger Bands are widening, indicating that there will be increased volatility in BTC/USD in the coming hours. The upper and lower Bollinger bands are at the $26,083 and $19,827 levels, respectively. The RSI indicator is also overbought at the 69.56 levels.

Bitcoin Price Analysis: BTC Curve Heads Up Towards $27,000 As Bulls Continue To Rally

The four-hour Bitcoin price analysis gives the lead to the buyers as well, as the price has improved since the start of the trading session following yesterday’s bullish lead. The market opened today’s session trading in a less bullish tone at $24,729, and bulls have increased their positions since then to the current price of $26,911.

picture 351
BTC/USD 4-hour price chart, source: TradingView

Volatility in the market is also increasing as the BTC/USD pair has broken many resistance levels in recent hours. The Bollinger Bands on the 4-hour BTC are also widening, which means there will be more volatile price movement in the coming hours. The upper Bollinger band is currently at $26,595, while the lower band is at $23,730. The MACD indicator has increased since yesterday and is currently in the positive region. This indicates that bulls have managed to maintain their dominance over the market. The RSI indicator is also overbought, which means that the market bulls have been overly aggressive in pushing up prices.

See also  Bitcoin price puts October high in $20,000 range as US stocks rise

Bitcoin price analysis conclusion

To summarize, the BTC/USD pair has been on an impressive run over the past 24 hours as buyers have been in a dominant position. BTC is now touching the key psychological resistance level of $27,000 and if bulls manage to break through this point, further price appreciation is expected in the coming days. Buying pressure is increasing in the market, which is reflected by the technical indicators.

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *