The promising signs of a bullish trend for Bitcoin (BTC) cannot be ignored as it forms the three-white soldiers pattern on the price chart. This pattern, consisting of three consecutive bullish candlesticks, points to a potential reversal from a downtrend to an uptrend. BTC also made a successful turn above the downward trendline at $26,400, which only strengthens its bullish stance. As the relative strength index (RSI) and moving average convergence divergence (MACD) indicators fall within the buying zone, it seems a positive outlook for Bitcoin’s price is in the works. With the anticipation growing among traders and investors, it will be interesting to see where BTC’s next target lies as it continues skyward.
Currently trading at $26,921, Bitcoin has witnessed a nearly 2% increase in the past 24 hours. Maintaining its position as the top-ranked cryptocurrency on CoinMarketCap, BTC boasts a trading volume of $13.2 billion and a live market capitalization of $522.4 billion. At the time of writing, there are 19,407,018 BTC coins in circulation, out of a maximum supply of 21,000,000 BTC coins.
A technical analysis of Bitcoin reveals a sentiment shift from bearish to bullish since bouncing off the critical support level at $24,750. In the four-hour timeframe, the BTC/USD pair shows a bullish pattern known as “Three White Soldiers”, alluding to an upward trend continuation. Despite the previous resistance around $36,150, BTC succeeded in closing candles above this level. The 50-day exponential moving average provided support at approximately $26,300. Both RSI and MACD remain in the bullish territory, supporting the ongoing uptrend in BTC.
Presently, the immediate resistance for Bitcoin stands at $27,000. Should it break this threshold, it has the potential to propel BTC’s price towards the next resistance levels at $27,400 or $27,700. On the flip side, support is likely to be found around $26,600, with $26,200 acting as a strong support level beneath that. The $37,000 level is one to watch, as it could serve as a pivotal point for the day.
Looking forward, the top 15 cryptocurrencies to watch in 2023 have been gathered by industry experts. This carefully curated list aims to provide valuable insights and professional recommendations, staying ahead in the rapidly evolving world of digital assets.
To stay informed and find the optimal prices for buying or selling cryptocurrency, explore the Cryptocurrency Price Tracker from Cryptonews. However, it’s essential to note that cryptocurrencies are highly volatile investments with considerable risk. Always conduct thorough research before diving into the world of digital assets.
Source: Cryptonews
