Bitcoin price analysis shows the price has increased from a low of $22,387 to a high of $22,933 within the past 24 hours. The increase in price is credited to bullish market sentiment and an upturn of buying pressure among investors. The market opened trading in a bearish manner, but the bulls soon stepped in and caused a surge of buying that pushed the price upwards.
The current resistance for BTC/USD is present at $23,126 and any further increase in price may be met with some resistance from investors trying to take profits. However, if the bulls can continue to drive the price upwards and breach this resistance, then we could see a further increase in the Bitcoin price.
On the other hand, if the bearish pressure causes the market to retreat, then support for BTC can be found at $22,387. which was low for the past 24 hours. If the market moves below this price then we could see a decrease in Bitcoin’s value.
BTC/USD 1-day price chart: Strong bullish momentum brings higher gains for Bitcoin
The 1-day price chart for Bitcoin price analysis shows bulls have covered an upwards range above the $22,000 level, as the BTC/USD pair is trading at the later value at the time of writing, gaining a value of 0.25 percent over the last 24 hours, and has gained a value of around 7.47 percent over the last week, as the trend was upwards for most of the week. Today trading volume has improved by 20.63 percent, taking the market cap up by 0.24 percent.
BTC/USD 24-hour chart, source: TradingView
The signal line on the moving average indicator has moved below the candlestick formation, however, this is still a relatively small indication of a bearish reversal, and investors should remain cautious. The Moving average indicator is currently at $21,178, which is still below the current price of the market. The relative strength index (RSI) is on an upwards curve in the higher range, with a value of 82.62. This shows that the market is currently in an overbought position and there is a higher chance of a bearish reversal.
Bitcoin price analysis 4-hour price chart: Bulls continue to drive the BTC/USD pair upwards
The 4-hour Bitcoin price analysis further confirms the bullish momentum. The price was seen declining in the last four hours of the previous trading session, but the correction was short-lived, and bulls again took over today and are taking the price higher every hour. Still, no traces of bearish hindrance has been observed, but now the price is near the first resistance at $23,126 which will undergo a test soon.
BTC/USD 4-hour chart, source: TradingView
The moving average is found at $22,760 and is still below the price, confirming that bullish momentum is likely to continue. The relative strength index (RSI) is also in the overbought zone at the 76 mark as of now, scouring up the possibility of a bearish reversal in the near future. The moving average convergence divergence (MACD) has also maintained a positive stance and is still in the bullish zone.
Bitcoin price analysis conclusion
The current Bitcoin price analysis shows the bullish momentum is defining the price movement largely, still with more room for further bullish movement. If buying activity gains more strength during the next few hours, the BTC/USD may break above the resistance of $23,126. However, the resistance at $23,126 may not be met today. On the other hand, if selling pressure forms, the coin’s price may fall back to $22,387.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve
This article has been originally published at: https://www.cryptopolitan.com/bitcoin-price-analysis-2023-01-23/