The month of February has started re-animating the crypto market that had been largely in red on price charts throughout January 2022. At Press time, Bitcoin Price trading at $37,981.16 with 3% gains. Along with Bitcoin, Ethereum also showed signs of recovery with a hike of 5%, trading at $2,788.88. Most of the altcoins also showed Bullish signs with more than 5% gains.
BTC Price Action
BTC/USD has traded in a range of $36,375.54 – $37,656.02, in the last 24 hours exhibiting significant volatility. The total trading volume grew by 7.72 percent to $19.54 billion. On the 4-hour chart, we can see Bitcoin price activity has slowed in recent hours, possibly leading to a minor uptick overnight before additional selling resumes.
BTC started a decent increase and was able to clear the $36,800 resistance. It even surpassed $37,000 while the next major resistance is near the $38,000 level, above which the price could gain momentum.
The created supply zone at $39.3K rejected Bitcoin, causing a correction on the 4H period. The price has so far stayed at $36.2K, and the lower shadows on the candlesticks signal purchasing orders in this range. The next level of support is $35.5K, but breaching the supply zone ($39.3K) is critical for the rising trend to continue.
Thus, a break below the $36,400 level can start a selling trend until the $34,400 level.
Also Read : This May Be Expected From the Bitcoin(BTC), Ethereum(ETH) & XRP Price in the Next 24 Hours
BTC Price Predicted to Skyrocket?
A well-known cryptocurrency strategist and trader has revealed a scenario in which Bitcoin (BTC) regains its bullish momentum and soars above 80% this year. According to DonAlt, Bitcoin is trading in a wide range between $33,000 and $60,000 in the weekly term.
As per the analyst, the enormous range provides two strong entry possibilities for BTC. He says, in this case, there are two locations where you can trade: the range low ($33,000). Then there’s the breakdown into recovery [of $33,000] into supermoon [to $60,000].
BTC has an upside potential of 81.82 percent if it moves from the range low of $33,000 to the high of $60,000.
Although the crypto expert is positive on the possibility of BTC temporarily losing $33,000 support, he warns his 380,200 Twitter followers that dropping below that crucial level is risky for the cryptocurrency. DonAlt doubts that Bitcoin will surge to $44,000 during its initial rally in the immediate term.
Source: https://coinpedia.org/bitcoin/heres-when-bitcoin-btc-price-will-reignite-80-rally-in-2022/