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- The Bitcoin price has jumped by 47% this month.
- Its trading volume has increased by 143% in the last 24 hours.
- The BTC crypto price has surged by 21.29% in the past four days.
The Bitcoin price has been in a strong bullish trend and recorded a 52-week high of $64,000 on February 28, 2024. It has witnessed a sharp up-move for the past few weeks, and bulls seem in control.
As per the technical analysis, the BTC price was neutral until January. It took support on the 20-day moving average at the beginning of February and displayed a sharp bullish move of 21.49% in just 10 days.
Again, the Bitcoin price halted near the $52,000 hurdle and consolidated for some time. Buyers managed to lift the price with a bullish move of 5.53% by surpassing the resistance level of $52,000 and further witnessed a sharp move of 15.94% in three days.
The RSI is at 87 and stays in the overbought zone, indicating strong buying momentum. The Bitcoin crypto price is trading far over the significant moving average, showcasing the bullish sentiment.
BTC Crypto Price is at 52-week High; What’s Next?
The current market price of Bitcoin is $62,559, with an intraday gain of 0.16%. The market capitalization of Bitcoin is $1.23T, and according to the market cap, it ranks 1st in the cryptocurrency market. The 24-hour trading volume is 94.21B, and it ranks 2nd in the cryptocurrency market according to the trading volume.
In the past few days, the BTC crypto price has been in a solid bullish trend and has stretched a lot. For the past three days, the BTC has formed big bullish candlesticks, but today, bulls are not very strong and are struggling to lift it by more than 2%.
According to the technical chart, the BTC price can face resistance near the figure of $65,000. As we can see, the price is not aggressive now, indicating that some players are trying to book profit.
A slight fall can be detected if the BTC price reaches $65,000 and faces resistance. If the price drops and defends the $57,000 mark, it can trigger a pullback, leading to bullish momentum.
Alternatively, buyers may lose momentum if the BTC price fails to defend the $57,000 mark, and investors may prefer to book profit, resulting in good selling pressure.
Bitcoin Price Technical Analysis on 4-H Timeframe
In a 4-H time frame, the Bitcoin price consolidated for some time in the middle of this month and displayed a sharp bullish momentum. The price has reached the $63000 mark, and bulls do not seem confident.
If the price slips below the $60,000 level, the sellers will become active and erode the recent gains. But if it defends the $60,000 level and surpasses the recent high, buyers may participate, and the current trend may continue.
Summary
Bitcoin price has been in a bullish trend and has recently recorded a 52-week high. It is up by 21% in the last three days, indicating the buyers’ dominance. If the buyers remain strong and hold their position, an all-time high can be achieved soon. According to the technical indicators, the BTC price has been in a solid bullish trend.
Technical Levels
Resistance: $64,000.00 & $66,500.00
Support: $52,000.00 & $43,000.00
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
