Bitcoin (BTC) Price Prediction – February 10
After touching the daily high of $47,349, the Bitcoin price begins a downside correction after rallying to a new lifetime high of $48,308.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $52,000, $54,000, $56,000
Support Levels: $40,000, $38,000, $36,000
Today, BTC/USD is seen slipping below the $47,000 level as buying pressure cooled off. The market price even traded below $44,000 and formed a low at near $43,706 before stabilizing. At the time of writing, BTCUSD is still trading above the 9-day and 21-day moving averages but it is down by 4% at its price of $44,651.
What to Expect from Bitcoin (BTC)
BTC/USD is presently testing lower levels for the past few hours. A decisive breakout below $42,000 support may intensify selling pressure. Therefore, if bears push the market price downwards, the consolidation may turn into a bear-run. More so, the sideways movement is likely to play out for the next few days and the next hurdle for the king coin could emerge at $48,000, but it won’t stop the higher price movements.
However, the bulls need massive liquidity and volume to cross the $48,000 highs and make a dash to the $50,000 level. The technical indicator RSI (14) is seen moving below the 75-level within the overbought zone as the sharp downward slope is a clear indication of the influence which may allow bears to increase the pressure.
Meanwhile, a reversal is possible but only if the resistance at $47,000 is reclaimed. The persistence trade above this level may technically push the coin to the resistance levels of $52,000, $54,000, and $56,000 while the supports lie at $40,000, $38,000, and $36,000.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
Looking at the 4-Hour chart, Bitcoin (BTC) has not yet slipped below $42,000 and is still in the loop of making a bounce back. The Bitcoin price hovers within the 9-day and 21-day moving averages and may likely take time to trade above the $48,000. At the moment, the Bitcoin price is currently moving around $45,155 level.
However, if the bulls energize the market, the price may likely test the resistance levels of $49,000 and above. In other words, if the bears should continue to hold the price and drag it downward, then the support levels of $42,000 and below may be visited as the RSI (14) moves below 60-level, indicating additional bearish movement.
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