This week looks calmer compared to last week as Bitcoin entered an exhaustion selling point. Looking a bit strong today, it may resume positive actions following a 2% increase since yesterday.
Bitcoin may appear weak on the daily chart but has suspended bearish pressure as supply turns low. This break has brought calmness in the market and the primary crypto is now deciding on the next move.
The calmness came after witnessing a quick rejection at $91k during last week’s crash. It later resumed drops but failed to dip below the $95k level due to low volatility. This level is now acting as support.
Following a minor gain today, volatility increased a bit and the price is now trading well above the $97k level. Most mid-cap altcoins are now posting major gains as a result of this. If Bitcoin closed well above the mentioned level today, more recoveries can be expected in the coming days. That could bring us back above the $100k mark.
Extending bearishness may lead to another catastrophic loss. If that happens, it may revisit last week’s low or even beyond before climbing back. But considering recent selling exhaustion coupled with the latest gain, Bitcoin looks prepared for another leg up. This could rocket the price to a new high soon.
BTC’s Key Levels To Watch
Source: Tradingview
The key resistance for a buy right now is $99,550. An increase above the $103,278 mark could rally the asset through the $106,500 resistance to reclaim the all-time $109,558 high before breaking higher.
As $95k continues to provide support, a break below it could slide the price back to the monthly $91,000 low. Losing this low could slip the price to $90k and potentially $85,000.
Key Resistance Levels: $99,550, $103,278, $109,558
Key Support Levels: $95,000, $91,000, $85,000
- Spot Price: $97,548
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/bitcoin-price-analysis-prediction-february-10-bitcoin-stays-above-95k-can-bulls-take-charge-again/