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Bitcoin Continues Optimistic Rise But Fails To Break Through The $46,000 Barrier

Feb 09, 2024 at 08:37 // Price

The price of Bitcoin (BTC) has risen again after rising above the moving average lines. BTC price analysis by Coinidol.com.

Bitcoin price long-term forecast: bullish

Since January 29, the Bitcoinprice has been hovering between $42,200 and $44,000. The upward momentum has also overcome the initial barrier of $44,000. On February 6, the price broke above the 50-day SMA and resistance at $44,000. The bullish momentum will extend to a high of $47,000 if the bulls clear the next hurdle at $45,920.

The uptrend is currently facing another rejection as Bitcoin approaches the next resistance at $46,000. Should the cryptocurrency fail to break above the $46,000 peak, it will be forced to trade sideways.

On the downside, the market will trade below the previous high and above the moving average lines. In the meantime, the value of Bitcoin stands at $45,324.

Bitcoin indicator value

The current market rally has lifted the price bars above the moving average lines. This has resulted in Bitcoin returning to its previous highs. After the current price rally, the moving average lines have not shifted horizontally. The largest cryptocurrency is reaching the overbought zone of the market.

Technical indicators:

Key resistance levels – $45,000 and $40,000

Key support levels – $35,000 and $30,000

BTCUSD (Daily Chart) –FEB.08.jpg

What is the next direction for BTC/USD?

Bitcoin has regained its upward momentum and reached a high of $45,489. The uptrend was halted at the $46,000 resistance level. The cryptocurrency is being pushed to move in a range between $43,400 and $46,000. Currently, Bitcoin is stuck below the resistance level of $46,000.

BTCUSD__(4-hour Chart) – FEB..08.png

The previous prediction by Coinidol.com stated that Bitcoin will resume its positive trend if buyers keep the price above the upper resistance of $44,000 and the upside momentum continues. The cryptocurrency will test its previous high of $47,000.  

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.

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