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Bitcoin price analysis: BTC rises above $16,592 support to set up bullish prospects

Recent Bitcoin price analysis reveals a bullish trend for today as the coin has gained bullish momentum from the start of the trading session. The price has recovered to the $116,874 level as bulls got the lead back after a continuous downward trend over the last few days. The price function was under pressure as the token’s price level suffered severely, but today the trend changed as the bullish support appeared around the $16,592 support zone.

The current price action suggests that Bitcoin is heading toward the next level of resistance at $17,000. This is indicated by the fact that bulls have been successful in pushing the price past the $16,592 mark and they will continue to do so until they reach their desired level.

BTC/USD 1-day price chart: Bulls take charge after a prolonged bearish trend

The 24-hour Bitcoin price analysis shows the price has increased today, as the BTC/USD pair is trading hands at $16,874 at the time of writing. As the bulls are leading the price function, the BTC reports an increase in value by 1.12 percent over the last 24 hours, but on the other hand, the coin is still at a loss of 0.62 percent over the past week. The trading volume increased by 18.77 percent, and the market cap has also increased by 1.14 percent, providing a market dominance of 4.15 percent to Bitcoin.

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BTC/USD 1-day chart: TradingView

The volatility is increasing by a high margin for BTC. The Bollinger bands are expanding, the upper Bollinger band is at the $17,694 level while the lower Bollinger band is at the $16,378 level. As the bullish momentum returned and the buying activity started again, the relative strength index (RSI) also started to improve and reached index 48.47 from the underbought area, hinting at the overwhelming buying activity. The moving average for 24-hour Bitcoin price analysis shows the coin is maintaining a bullish trend.

Bitcoin price analysis: Price action is expected to remain bullish

The 4-hour price chart for Bitcoin price analysis shows the price breakdown was upward at the start of the trading session and is upward up till now. However, the bullish activity helped uplift the price to a great extent as it recovered to $16,874 along with a swing high towards $16,906, also observed at a point today.

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BTC/USD 4-hour chart: TradingView

The moving average (MA) is at the $16,795 mark below the price level, complementing the bullish momentum. The volatility is high as the upper Bollinger band is at the $16,965 mark, the lower Bollinger band is at the $16,685 mark, and the Bollinger band average is at the $16,825 mark also below the price level. The RSI is trading at a steep upwards curve at index 48.84, indicating buying activity in the market.

Bitcoin price analysis conclusion

Bitcoin price analysis suggests a strong bullish trend is going on. The bulls have successfully reversed the bearish trend and have elevated the price level high. Selling pressure can be expected as the price nears the $16.905 resistance; however, the resistance is still far above, and bulls have to cover more range upwards to reach the said resistance level.

While waiting for Bitcoin to move further, see our Price Predictions on XDCCardano, and Curve


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