Bitcoin Price Analysis: BTC Halving Provides February Price Of $9.8K To The Market

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • BTC/USD price has finally crossed the price mark of $9800 indicating bulls are marching for $10k.
  • Bitcoin’s current price now is at the level of $9869.45.
  • The bulls are providing the largest crypto asset positive momentum in the market which can be able to cross above $10k mark.
  • However, BTC’s bullish momentum can get reversals from the major resistance level of $9900.

Capture
 Source: Coinmarketcap

On a 7day-weekly chart, Bitcoin Price started with a support level of $8700. However, it gained significant positive momentum and had a closing of $9,900 yesterday. The closing price acted as a major resistance level which indicated that BTC can face severe downtrend. The bears performed as expected and BTC went down to the level of $9600 in today’s market. But it looks like the fundamental gain provided by BTC halving is not going to fade away easily as BTC again gained the crucial level of $9800.

It is expected that the BTC Bulls are for a longer duration as it is able to sustain the mark in today’s market. The current price of Bitcoin is $9869.45 with a positive movement of 5.28%. The market capitalization is $181,331,572,752 with volume traded of $66,072,848,934.  The current circulating supply is 18,368,625 BTC. The market dominance for BTC in the crypto market remains at 68.00%.

Bitcoin (BTC) Technical Analysis

Screenshot (309)
Source: TradingView

Fib retracement levels show that Bitcoin has been able to sustain above the level of 0.618 and further aiming to reach the level of 0.786 which is a major indicator for a bullish move. The symmetric triangle was also broken positive by bitcoin bulls. The levels also indicate that BTC might get reversals from $9950 again.

The MACD levels have reached a bullish zone, which is a positive sign for Bitcoin bulls. The 24hour-RSI is reaching at the bullish level of 60. The 24hour-CCI  touched the overbought region but had negative divergence to the normal region which indicates that bulls are not able to maintain sustainability over the price level.

Overall, If Bitcoin is able to cross the price level above $10k mark and with the positive movement, it will be back onto the resistance level of $10,500 which forced the price dip to $3k level

Resistance levels: $9950 and $10000

Support Levels: $9700 and $9500

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