Bitcoin price analysis today is very balanced, with the price hitting a daily low of $16,800 before hitting $17,000 again. Previously, BTC/USD set resistance on him at $17,250. Is it possible for Bitcoin to break through this resistance within 24 hours?
The market is definitely bullish as you can see in the crypto heat map. However, Bitcoin is only up 0.82%. Similarly, ethereum It has only increased by 1.24%. There is bullish sentiment in the market, but not very high.
The 1-day Bitcoin price analysis chart above shows that the RSI is around 47. This means that the market is somewhat balanced. Therefore, no significant shift in the upward or downward direction can be expected. The $17,250 resistance looks strong and the bulls will need to push further to break it.
Considering the fact that the market currently lacks that momentum, BTC/USD is unlikely to break above this price in the next few hours.
Bitcoin 24 hour price movement
Over the past 24 hours, Bitcoin price analysis has marked a 0.82% increase in overall market capitalization. The current level of support is confirmed as it again marks strong support at $16800. However, compared to yesterday’s close, Bitcoin still lacks significant upward momentum. Most of them are fixed horizontally.
4 Hours of Bitcoin Price Analysis: Can BTC/USD Break the $17250 Resistance?
Now, BTC/USD is unlikely to break out of the $17,250 resistance in the next few hours. First, the market lacks significant momentum from the bulls. Balanced, but not bullish at the moment. Similar to yesterday, Bitcoin is expected to remain flat for now. In fact, the RSI on the 4-hour chart suggests some downward movement is to be expected. Already at 64, the MACD histogram is still in red.
Bitcoin Price Analysis: Conclusion
Overall, the Bitcoin market today is in balance. The price is up 0.82%, but there is still no significant bullish momentum. A breakout of $17,250 will require a further push, which is not expected to happen within the next 24 hours. However, the future of Bitcoin is far from over.you may want to read more about our Bitcoin price prediction want to know more!
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