Bitcoin (BTC) Price Prediction – February 8
The Bitcoin price shot above $43,500 for the first time in more than one week.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $48,000, $50,000, $52,000
Support Levels: $35,000, $33,000, $31,000
BTC/USD is now backing on the path towards $44,000 as it is currently trading at around $43,741.25 but touched a peak of $44,900 earlier today. More so, the Bitcoin price is now in the mood of showing a strong price increase. At the time of writing, the coin is trading above the 9-day and 21-day moving averages with gains of 12.55%.
Where is the Bitcoin Price Going Next?
It is necessary to bear in mind that Bitcoin is growing bullishly this year and looks very good in the medium to long term. However, we can only find another bull run if the Bitcoin price manages to break the important resistances. The thing with BTC/USD price is that it has been able to break the $40,000 mark twice but both times it declined after displaying the bullish momentum.
Therefore, as the technical indicator RSI (14) moves into the overbought region, the Bitcoin price must crack the $45,000 mark and need to stay above $46,000 consistently so that it can touch the golden resistance levels at $48,000, $50,000, and $52,000. Nevertheless, any bearish movement below the moving averages may likely bring back the Bitcoin price to the supports at $35,000, 33,000, and $31,000 respectively.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
On the 4-hour chart, a retest of $42,000 gives the impression that the bulls are not yet done. The Bitcoin price rises to fill a significant gap as the bulls remained in control which may take the coin towards the $45,000. In a short time, BTC/USD may hit $46,000 if the bullish pressure continues. Otherwise, the price may revisit the supports of $41,000 and below.
On the upside, a bullish move may continue to meet resistance at around $47,000 and above. As of now, the 4-hour RSI (14) is moving within the overbought zone, this could mean that the BTC/USD trading is looking for another close resistance. Meanwhile, a significant cross below the 70-level may send the market in a bearish scenario.