Will Bitcoin’s Uptrend Continue?

The daily Bitcoin (BTC) price chart shows that the value of the digital currency rose over the past few hours. After weeks of sluggishness and sell-offs, the bulls managed to win. They dominated the market in the last hours.

BTC has increased by 0.18% in the last few hours to $19,144.36. Despite a 7.06% decline in 24-hour trading volume to $27,281,429,331, the market capitalization has increased by 0.28% to $367,187,823,051.

Most of the technical indicators on the daily chart are trending down, raising the possibility that BTC’s upward momentum is only temporary.

Bollinger bands start to widen on the daily chart. This is a bullish sign as market volatility increases. On the other hand, the price is leaning toward the lower band, which means that the upward momentum may not last long. The upper and lower bars touch $19589.122 and $18901.512.

The Relative Strength Index (RSI) shows a line at 38.94 and an upward gradient gradually moving from the 30 oversold border to the 50 midline. If the RSI indicator remains stable, it can be a bullish indicator as it indicates that the buying and selling activities are in balance.

If the bears seize market control, the current positive trend on the charts will be invalid. However, the bullish momentum will be maintained if the bulls successfully defend the resistance and push prices higher.

The thoughts and opinions in this price analysis are positive. Readers are responsible for conducting their research and due diligence. Any action the reader takes is entirely at their discretion.