Bitcoin [BTC] Price Analysis: Coin bounces back from the red market

The world’s largest cryptocurrency, Bitcoin [BTC] had been surrounded by the bear for long, but now it looks to have freed itself and is seen climbing up. The coin reported growth both in one day and in an hour’s chart and is pointing towards a bullish reign.

At the time of press, the BTC was valued at $3,641.54, with a market cap of $6 billion. The coin recorded a 24-hour trading volume of $6 billion while noting the growth of 0.14% over the past day. The coin saw a dip of 0.51% over the past week, however, it is managing to register a growth of 0.02% over the past hour.

1-hour

Source: Trading view

Source: Trading view

The one hour chart of BTC marked a downtrend from $3,648.85 to $3,598.32. The coin noted an uptrend from $3,557.12 to $3,582.37. The coin’s performance has not marked an immediate resistance for the token yet, but marked two supports at $3,582.37 and at $3,555.88.

Awesome Oscillator indicates a bullish run for the token.

Bollinger Bands appear to be converging, reducing market volatility. The moving average line is under the candlesticks, marking a bullish trend.

Chaikin Money Flow indicates a bullish trend for the coin, as the marker is above zero.

1-day

Source: Trading view

Source: Trading view

The coin marked a massive downtrend in the one-day chart, ranging from $7,384 to $6,511.88. This downtrend exceeded further until $3,621.99. The coin drew resistance at two points. Immediate resistance was noticed at $3,648.85, followed by another resistance at $4040.99. The coin marked two strong supports at $3,358.99 and another one at $3,194.99.

Parabolic SAR points towards a bullish market as the markers have aligned under the candlesticks.

MACD line is over the signal line marking a bullish market and points towards an upcoming crossover.

Relative Strength Index indicates that the buying and the selling pressures are evening each other out.

Conclusion

As per the indicators in the one-hour chart and the one-day chart of BTC, a bullish hold is seen strong.

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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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