Bitcoin is experiencing bullish momentum, which could lead to price growth in the short term. However, traders should be aware of possible resistance levels. The Stochastic RSI indicates that the market is oversold and could see a short-term correction, while the MFI suggests a shift in investor attitude towards selling rather than buying.
Bitcoin (BTC) bulls have been on a rampage in the past 24 hours, carrying the price from an intraday low of $24,142.48 to its 90-day high of $26,514.72. However, as of press time, the bulls’ unwillingness to break past resistance caused the Bitcoin price to hover at $24,902.92, a 2.28% increase from its previous close.
Bullish pressure could push the market to test resistance levels at $28,000 and $30,000 in the near future. However, if negative pressure continues to dominate, the market could fall to support levels around $24,000 and $23,000.
The market capitalization and 24-hour trading volume have both increased by 2.10% and 9.56%, reaching $481,798,709,117 and $53,002,445,989. This shows that investors are becoming increasingly positive about the market, and that the increased trading volume reflects the market’s growing interest and readiness to buy and sell at better prices. This could lead to an even more rapid upward trend in the near future.
BTC/USD’s 2-hour price chart shows the Bollinger bands widening and moving upward, signaling that the current bullish trend is likely to continue soon. The upper band is serving as resistance, with the upper band hitting $26881.41 and the lower band touching $19736.90. This indicates a positive outlook for the currency. Traders might purchase in the middle band on dips and place stops below it.
The market’s strong upward momentum is indicated by its movement towards the upper band. If this trend continues, traders can expect prices to keep rising in the near future. However, they should be aware of any possible resistance levels that could cause a reversal in the trend.
When the Chaikin Money Flow (CMF) rises to 0.29, the optimistic view in the Bitcoin market is bolstered by increased purchasing pressure. This anticipation is because a positive and growing CMF represents the asset’s accumulation and signals that buyers are prepared to pay greater prices to acquire it, which might lead to a price rise soon.
Although BTC is bullish, the stochastic RSI reads 18.26 and moves below its signal line, indicating that the market is oversold. This movement reflects that there is potential for a price increase in the near future as buyers are starting to enter the market.