The price of Bitcoin continues to rise
The price of Bitcoin (BTC) has been steadily increasing after surpassing the $50,000 mark. BTC price analysis conducted on February 16, 2024, suggests a bullish long-term forecast.
Bulls break through resistance
Bitcoin tested the $50,000 level for about 48 hours before breaking above it. The bulls managed to push the price up to $52,884 before a slight pullback. However, the cryptocurrency is currently facing strong rejection at the $53,000 resistance zone. As a result, the price has fallen and is experiencing volatility below the $52,500 resistance level.
Uptrend likely to continue
If the current support level at $51,000 holds, the uptrend is expected to continue. Bitcoin’s next target price is $60,000. However, if the price drops below $50,000, it could lead to a significant market decline to around $44,750.
Bitcoin indicators show positive signs
Bitcoin’s price bars have remained above the moving average line, indicating an overall uptrend. The only exception was a drop on January 22. Additionally, there is a bullish crossover with the 21-day SMA crossing above the 50-day SMA. This suggests that traders should consider initiating buy orders.
Key levels to watch
The key resistance levels for Bitcoin are $45,000 and $40,000. On the other hand, key support levels are at $35,000 and $30,000.
What’s next for BTC/USD?
On the 4-hour chart, Bitcoin is currently in a steady uptrend but trading below the $52,500 resistance level. The cryptocurrency has been trading within a range of $51,300 to $52,500 for the past 48 hours, indicating a potential continuation of the upward movement. It’s worth noting that Bitcoin was trading above $42,850 before the recent surge.
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