BTC/USD Touches $40,000 As Bulls Blow Hot
Bitcoin Price Prediction – February 4
With the Bitcoin price prediction shooting close to $41,000 now, it is doing a little to flip the market sentiment at this stage.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $45,000, $47,000, $49,000
Support Levels: $34,000, $32,000, $30,000
Looking at the daily chart, BTC/USD is correcting gains from $37,324 and begins to start a new increase above the 9-day and 21-day moving averages. During the European session today, the Bitcoin price begins a steady increase above the $40,000 resistance level as the coin hovers at $40,537. Now, BTC/USD is settling towards the upper boundary of the channel.
Bitcoin Price Prediction: Would BTC Price move Higher?
The Bitcoin price is seen retracing and trading above the 9-day and 21-daymoving averages as the market price stays under the daily high of $40,960 resistance which is a sign of bullish momentum. Further increase in the bullish momentum may have to increase the price above this level; another resistance may come at $42,000 before reaching the potential resistance levels of $45,000, $47,000, and $49,000 respectively.
However, if the resistance level of $40,500 failed to hold, it may reverse and face the support level at $38,000, further increase in the bears’ pressure may bring down the price below the moving averages and possibly hit the critical supports at $34,000, $32,000, and $30,000. Meanwhile, the technical indicator Relative Strength Index (14) is moving above 50-level, moving more higher may ignite buy signals into the market.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
According to the 4-hour chart, the Bitcoin price is seen trading above the 9-day and 21-day moving averages at $40,675. However, at the time of writing, BTC/USD is trading near the upper boundary of the channel but any bearish move towards the moving averages may drag the coin to hit the support at $39,000 and below.
Furthermore, if Bitcoin finds a decent resistance level around $41,000 level, it may start another bullish movement above the upper boundary of the channel which may likely reach the resistance level of $42,000 and above. In other words, the technical indicator Relative Strength Index (14) is seen moving within the overbought region, suggesting additional bullish signals into the market.
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