Bitcoin Price Prediction: BTC Jumps 4% as It Breaks Consolidation
- Steven Walgenbach
- Feb 9, 2024
- 2 min read
The Bitcoin price jumped 4% over the past 24 hours to trade at $46,291.18 at press time.
The Bitcoin Price Forms a Bullish Channel
Daily chart for BTC/USDT (Source: TradingView)
Over the last few days, Bitcoin’s value has successfully moved above the trading range of $42,450 to $44,430. It has exited this horizontal trading pattern, marking a trend of increasing highs and lows. As a result, a short-term upward trend channel has developed on the daily chart. If this upward momentum persists, Bitcoin might aim to reach the resistance level of $47,930 in the next week.
However, if the Bitcoin price exits this rising channel, the bullish outlook could be negated. Under such circumstances, Bitcoin could revisit the $44,430 level. Should selling pressure continue, it might push Bitcoin’s price down to the $42,450 support level, and in cases of extreme selling, even down to $40,000.
Technical analysis indicates a positive outlook for the Bitcoin price, suggesting a continued rise over the next 48 hours. The Moving Average Convergence Divergence (MACD) indicates that Bitcoin is in a bullish phase, with the MACD line moving above the signal line, showing no signs of deceleration. Furthermore, the buying force appears stronger than the selling force on Bitcoin’s charts. This is demonstrated by the Relative Strength Index (RSI) moving above its Simple Moving Average (SMA) line, indicating an increase in bullish momentum.
The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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