Bitcoin [BTC] Price Analysis: Bulls look to take over as bearish momentum subsides

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The cryptocurrency market has been noting considerable growth over the past few days. Bitcoin [BTC], which has been on a strong bearish market for a record time, has finally caught up with the green market and noted a bullish trend.

At press time, BTC was valued at $3,987.76 with a market cap of $69.9 billion. The coin registered a 24-hour trading volume of $8.6 billion while observing a growth of 1.09% over the past day. BTC had observed a growth of 9.90% over the past seven days, but has registered a dip of 0.23% over the past hour.

1-hour

Source: Trading view

Source: TradingView

The coin reported an uptrend from $3,572.85 to $3,925.50. Due to the recent hike in prices, the coin did not mark any significant downtrend. It traced a resistance at $3,951.12 and a support at $3,925.57.

Bollinger Bands appear to be converging, indicating a reduction in market volatility. The moving average line is under the candles and denotes a bullish trend.

Awesome Oscillator indicates a weakened bullish trend.

Chaikin Money Flow has the marker line above zero, denoting a bullish market.

1-day

Source: Trading view

Source: TradingView

The one-day chart of the coin marks a downtrend from $6,188 to $3,774.99, followed by another downtrend that extends from $5,560 to $3,938.99. The coin failed to report a strong uptrend. BTC marked a strong resistance at $4,075.34 and a support at $3,183.01.

Parabolic SAR projects a bullish market as the markers have aligned under the candles.

MACD line is above the signal line, pointing towards a bullish wave.

Relative Strength Index, on the other hand, notes that the coin has entered the overbought zone.

Conclusion

According to the indicators on the one-hour and the one-day charts, a bullish ride is predicted for the largest cryptocurrency in the world.


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Namrata Shukla

Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

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