Bitcoin (BTC) shows promising signs of a bullish trend as it forms a three-white soldiers pattern on the price chart.
This pattern, characterized by three consecutive bullish candlesticks, indicates a potential reversal from a downtrend to an uptrend.
In addition, BTC has successfully crossed above a downward trendline at $26,400, further strengthening its bullish case.
The relative strength index (RSI) and moving average convergence divergence (MACD) indicators are both in the buying zone, suggesting a positive outlook for Bitcoin’s price.
Traders and investors are now eagerly anticipating the next target for BTC as it continues its upward trajectory.
Bitcoin is currently trading at $26,921, exhibiting a nearly 2% increase over the past 24 hours.
With a trading volume of $13.2 billion, BTC continues to hold its position as the top-ranked cryptocurrency on CoinMarketCap.
Its live market capitalization stands at $522.4 billion.
Currently, 19,407,018 BTC coins are in circulation, out of a maximum supply of 21,000,000 BTC coins.
Bitcoin Price Prediction
Taking a look at the technical side of Bitcoin, the sentiment has shifted from bearish to bullish ever since it bounced off the major support level at $24,750.
In the four-hour timeframe, the BTC/USD pair has formed a bullish pattern called “Three White Soldiers,” indicating a continuation of the upward trend.
There was a previous resistance of around $36,150, but it has been breached as BTC closed candles above this level.
The 50-day exponential moving average is providing support around $26,300.
The relative strength index (RSI) and moving average convergence divergence (MACD) are also in the bullish zone, supporting a continuation of the uptrend in BTC.
Currently, the immediate resistance is at $27,000, and a break above this level has the potential to push the Bitcoin price toward the next resistance level at $27,400 or $27,700.
On the downside, support can be found at around $26,600; below that, $26,200 is likely to act as a strong support level.
Let’s keep an eye on the $37,000 level, as it may act as a pivot point for today.
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