The bitcoin price managed to break through and maintain momentum above the $ 23,000 mark. Over the past week, the cryptocurrency has shown bullish momentum. Over the past 24 hours, bitcoin has shown less appreciation, however it has remained stable above its local support level.
The technical outlook for the Royal Mint also suggests that the bulls have taken control. If the bitcoin price manages to break out of the $ 24,000 mark and hold there for a substantial period of time, the bulls could gain further strength.
The cryptocurrency has long struggled to stay above the $ 24,000 price level.
Buyers have also returned to the market, which has helped bitcoin continue its bullish thesis. There is, however, still the possibility of Bitcoin returning to its chart if it trades below $ 24,000 for a long enough period. In this case, BTC could find support between $ 22,000 and $ 21,000 during the next trading sessions.
Bitcoin price analysis: four hour chart
BTC was trading at $ 23,300 at the time of writing. Last week the price of bitcoin recorded an increase of almost 11%, which allowed buyers to return to the market. As demand increased, the price of bitcoin also appreciated.
The current price action could also be called a relief, as by the time the bitcoin price hit the $ 24,000 mark, the cryptocurrency retreated on its chart. The overall resistance for BTC is at $ 24,000, a push above this limit will allow BTC to hit the next price limit.
For the bearish thesis to be invalidated, BTC must regain $ 28,000. A drop in the current price can drive the cryptocurrency to $ 22,000 and then $ 20,000. The volume of bitcoins traded increased in the last session, indicating an increase in buying pressure in the market.
Crypto managed to maintain its bullish trend thanks to the increase in the number of buyers. The technical outlook painted a similar picture on the four-hour chart. The price of bitcoin has risen slightly in the past 24 hours as crypto has seen an increase in buying pressure over the same amount of time.
The Relative Strength Index broke the midline, meaning buyers outnumbered sellers at press time. Bitcoin’s price was above the 20-SMA line, which also indicates that buyers are driving the price momentum in the market.
Leading BTC indicators have shown consistent bullish momentum. As soon as the buyers returned, the buy signal for the cryptocurrency also arose. The convergence-divergence of the moving average describes the momentum and direction of prices in the market.
The MACD underwent a bullish crossover and showed a tiny green signal bar tied to a buy signal.
The Directional Movement Index reads the direction of the price and whether the momentum is gaining strength. According to the DMI, the + DI line was above the -DI line, which signals positive price action. The middle (red) directional index, however, lost strength as it dropped near the 20 mark, indicating weak price momentum.
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