Despite being in a bear trend for many weeks, Bitcoin (BTC) has staged a surprising rebound, with bulls using the strength of a short squeeze to catapult the price to a 90-day high of $24,769.24. This short squeeze has lifted the price of BTC by an amazing 11.37% at the time of publishing, making it worth $24,666.72.
During the upswing, market capitalization, and 24-hour trading volume surged by 11.32% and 34.47%, respectively, hitting $475,810,997,570 and $36,257,080,602, respectively. This rise in trading volume and market capitalization indicates that there is a large amount of buying activity driving up the price of BTC.
In addition, this surge in price suggests that Bitcoin bulls are gathering strength and that the bull run for the cryptocurrency to $25,000 may have just begun.
BTC/USDT 24-hour price chart (source: TradingView)
The Bollinger Bands are providing a strong sign of optimistic emotion on the 4-hour price chart of BTC/USDT, where the upper band is at $24427.86 and the lower band is at $20420.87, with a gap of approximately $4000. The BTC/USDT market is definitely in the middle of a bull run, as seen by the stacking green candlesticks indicating a price increase, and the upbeat mood seems to be here to stay.
With a reading of 576.06, the MACD line is advancing north and is now above the signal line, indicating considerable buying pressure and more upside potential. Furthermore, the bullish direction of the MACD histogram at 333.31 indicates that buyers are in power and that the present rally will most likely continue for the foreseeable future.
This viewpoint is supported by the fact that the long-term trend line continues higher, implying that the present market direction will most likely continue to trend upward. The RSI indicator is now reading 87.12, suggesting that the market is overbought but with lots of opportunity for more upward possibilities.
BTC/USDT 4-hour price chart (source: TradingView)
On the 1-hour price chart, the Bollinger bands are moving north, with the upper and lower bands at $25477.11 and $21995.10, respectively. The Bollinger bands migrate north and expand apart throughout a time of strong price volatility, as shown in the $3482.01 range between the two bands.
Because these bands act as the next resistance and support levels, traders must exercise care when selecting entry and exit locations during this period.
The MACD line is currently advancing above the signal with a value of 645.55, suggesting that market momentum is still strong and that a probable breakout to the north side may occur if the pace continues. With a value of 87.21, the RSI is heading below its signal line. This level suggests that the market is now overbought and that a decline is probable if price action continues to be strong.
BTC/USDT 1-hour price chart (source: TradingView)
Indicators of the technical analysis suggest that the bulls’ dominance in the Bitcoin market is growing, suggesting that they may break resistance in the near future.
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