Photo by Dmitry Demidko on Unsplash

The daily Bitcoin (BTC) price chart reveals that the value of the digital currency has risen considerably in the last few hours. After a several-week downturn and sell-off, the bulls have successfully won and taken control of the market in the last few 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.

The majority of the technical indicators on the daily price chart indicate downward, raising the chance that the rising momentum demonstrated by BTC is only transitory.

The Bollinger Bands are beginning to bulge on the daily charts, which is a bullish sign because market volatility has increased. On the other hand, the price is leaning in favor of the bottom band, implying that the increasing momentum may not stay long. The top and bottom bands come into contact at $19589.122 and $18901.512.

The Relative Strength Index (RSI) shows a line at 38.94 and a rising gradient moving away from the 30-oversold border and progressively advancing to the 50-center line. If the RSI score remains stable, this can be a bullish indicator because it indicates that buying and selling activity is balanced.

Overall, if the bears seize control of the market, the current positive trend on the charts will be rendered invalid; however, if the bulls successfully defend the resistance and push prices higher, the bullish momentum will be maintained.

The thoughts and opinions expressed in this price analysis and any information given are presented in good faith. Readers are responsible for conducting their research and due diligence. Any action the reader takes is entirely at their discretion.

More By This Author:

Gold And Silver: The Price Of Gold Remained Above $1660
Bitcoin And Ethereum: Price Changing Dramatically
What Happened In The Indian Stock Market This Week?