Bitcoin (BTC) is showing promising signs of an uptrendbecause it forms a three white soldiers design on his course chart. This pattern, characterized by three consecutive bullish candlesticks, indicates a potential reversal from a downtrend to an uptrend. Additionally, BTC successfully broke through a downtrend line at $26,400, further solidifying its case for an upside.
The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators are both in the buy zone, suggesting a positive outlook for Bitcoin price. Traders and investors are now eagerly awaiting BTC’s next target as it continues its upward trajectory.
Bitcoin price
Bitcoin is currently trading at $26,820, showing an increase of almost 1.60% in the last 24 hours. With a trading volume of $13.2 billion, BTC continues to maintain its position as the top-ranked cryptocurrency on CoinMarketCap, its actual market cap of $522.4 billion. Currently, there are 19,407,018 BTC coins in circulation, out of a maximum possible supply of 21,000,000 BTC coins.
Bitcoin Price Prediction
Looking at the technical side of the Bitcoin price chart, the market sentiment appears to have shifted from bearish to bullish since bouncing off the major support level at $24,750. In the four-hour period, the BTC/USD pair formed a bullish pattern called “Three White Soldiers”, indicating a continuation of the upward trend.
There was a previous resistance at around $26,150, but it was breached, as BTC closed its candles above this level. The 50-day exponential moving average is providing support at around $26,300 today. The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are in the bullish zone, supporting the high probability of BTC’s upward trend continuing.
Currently, the immediate resistance stands at $27,000. A clear crossing above this level has the potential to push Bitcoin price towards the next resistance level at $27,400 or $27,700. On the other hand, support can be found at around $26,600: below that, the $26,200 threshold is likely to act as a strong support level, on the downside. In summary, it will take keep an eye on the $27,000 levelas it can serve as a pivot point for the price of BTC today.
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