Bitcoin price managed to break through and maintain momentum above the $23,000 mark. Over the past week, the crypto has exhibited bullish momentum. Over the past 24 hours, bitcoin showed minor appreciation, however, it remained steady above its local support level.
The technical outlook for the Royal Mint also suggests that the bulls have taken control. If bitcoin price manages to break above the $24,000 mark and hold there for a considerable period of time, the bulls could gain further strength.
The cryptocurrency struggled to stay above the $24,000 price level for a long time.
Buyers also returned to the market, which helped bitcoin continue its bullish thesis. There is, however, still a possibility that Bitcoin will retrace on its chart if it trades below $24,000 for long enough. 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 registered an increase of almost 11%, which allowed buyers to return to the market. As soon as the demand increased, the price of bitcoin also appreciated.
The current price action could also be called a relief, as the moment bitcoin price hit the $24,000 mark, the crypto pulled back on its chart. General resistance for BTC sits at $24,000, a push above this boundary will allow BTC to touch the next price cap.
For the bearish thesis to be invalidated, BTC must regain $28,000. A drop in the current price can take the crypto towards $22,000 and then towards $20,000. The volume of bitcoins traded increased in the last session, indicating an increase in buying pressure in the market.
Technical analysis
The crypto managed to maintain its bullish trend due 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 over the past 24 hours as the crypto has seen an increase in buying pressure in the same time frame.
The Relative Strength Index broke above the midline, meaning buyers outnumbered sellers at press time. Bitcoin price was above the 20-SMA line, which also indicates that buyers are driving the price momentum in the market.
Major BTC indicators showed consistent bullish momentum. As soon as the buyers returned, the buy signal for the crypto 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 displayed a tiny green signal bar that is 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 Average Directional Index (red), however, lost steam as it fell near the 20 mark, indicating weak price momentum.
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