- BTC’s bullish momentum is likely to continue, but caution is advised.
- Keltner Channel bands show short-term buying opportunities.
- MACD and TRIX suggest potential for future price gains.
Bitcoin’s (BTC) bullishness has reigned supreme in the previous 24 hours, with values swinging between a 24-hour high and low of $28,439.56 and $27,785.11, respectively. The 24-hour high was a strong barrier, preventing the bulls from breaking through the 7-day high of $28,440.56. The positive trend was still visible at press time, with BTCUSD trading at $28.141.68, a 1.22% increase from its previous close.
The bullish power’s endurance may allow it to break beyond the $28,141.68 mark, with the following resistance levels being around $28,500 and $29,000. If the bears regain market control and the $27,785.11 support level is breached, the following support levels might be around $26,000 and $24,000.
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Despite the short-term volatility, the market capitalization increased by 0.67% to $543,964,457,513, indicating that investors remain optimistic about its long-term potential.
The 24-hour trading volume, however, fell by 18.43% to $31,565,656,101, indicating that there may be a temporary fall in trading activity, probably owing to investors being cautious and waiting for more clarity on the market’s direction before making any substantial movements.
BTC/USD 2-Hour Technical Analysis
In the BTC 2-hour price chart, the Keltner Channel bands are moving linearly, indicating that the bullish momentum is expected to continue in the short term. Traders may purchase Bitcoin at the Keltner Channel’s lower band and establish a target price at the higher band. The upper band hits $28748.14, while the lower band touches $27657.90, confirming the bullish run.
Since the price movement has moved above the signal line, the bullish momentum is expected to continue, with the upper band acting as a resistance level and the lower band acting as support for possible pullbacks.
With a TRIX rating of 9.32, buying pressure is high, suggesting that traders may continue to purchase the asset as long as the TRIX continues above zero. This movement indicates that money is coming into the asset and that the market is buoyant, which might soon lead to additional price gains.
The MACD line, on the other hand, has performed a bearish crossing, moving below its signal line with a value of 142.32. This pattern shows that the BTC price momentum is changing downward, signalling a possible selling opportunity for traders wanting to take short bets.
The histogram is moving in the negative region, adding to this pessimistic perspective, indicating increased selling pressure in the market, which might push down the price of BTC even lower.
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BTC/USD 24-Hour Technical Analysis
Since the Keltner Channel bands are ascending on the 24-hour price chart, with the upper band at 27826.89 and the lower band at 22701.17, the BTC market may face higher volatility in the immediate term, with probable resistance at the top band and support at the lower band.
The price action movement above the upper band and the formation of a green candlestick pattern indicate that bullish momentum is developing, and the market may push to new highs.
This pattern shows that the market’s long-term outlook remains optimistic despite the 4-hour price chart suggesting a decrease in bullishness. Investors should consider purchasing on short-term dips to capitalize on possible future gains.
The TRIX’s upward movement and reading of 29.39 indicate that the bullish momentum is intact, and the market may continue to climb in the long run. This TRIX reading supports retaining long holdings or looking for purchasing chances in the market, as the uptrend is expected to continue.
With a value of 1433.73, the MACD blue line is moving above its signal line. The histogram trend is positive, indicating that the bullish momentum is strong and that additional price gains are possible soon, making it a potentially advantageous opportunity to buy.