Bitcoin Price Prediction – February 8
As the daily chart reveals, the Bitcoin price prediction is trading near the resistance level of $65,000 as the recovery comes slowly.
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BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $48,500, $50,500, $52,500
Support Levels: $40,000, $38,000, $36,000
At the time of writing, BTC/USD is seen trading at $44,221.17 after soaring above the upper boundary of the channel at the time of writing. The first digital asset is also seen pulling back to where it is currently trading and may likely head downwards if the bears step back into the market.
Bitcoin Price Prediction: Bitcoin (BTC) May Break to the Upside
On the bullish side, it is important for the Bitcoin price to remains above the upper boundary of the channel, otherwise, there may come a bearish breakdown when BTCUSD falls below that barrier. The 9-day MA is above the 21-day MA as the technical indicator Relative Strength Index (14) is sending moderate signs where an oscillation to the higher boundary may confirm the proper trend which is more likely a bullish trend at the time of the outcome.
However, BTC/USD will confirm the bullish trend if the market price moves above $45,000. Meanwhile, the Bitcoin price may follow the bearish trend if the price moves toward the moving averages and face the lower boundary of the channel. Should this happen, the king coin may drop to the supports of $40,000, $38,000, and $36,000. Otherwise, a strong bullish spike may push the price towards the resistance levels of $48,500, $50,500, and $52,500.
BTC/USD Medium-Term Trend: Bullish (4H Chart)
Looking at the 4-hour chart, the Bitcoin price is currently crossing above the 9-day and 21-day moving averages. If the price continues to rise further and move above the upper boundary of the channel, it could reach the nearest resistance levels at $46,000, $48,000, and $50,000 respectively.
Moreover, if the bears push the coin below the 21-day moving average, the price of Bitcoin may likely reach the closest supports at $41,500, $39,500, and $37,500. Now, the technical indicator Relative Strength Index (14) is seen moving back towards the upper boundary of the channel, crossing above it may confirm the bullish trend for the market.
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