After $42K Bitcoin (BTC) Price Craves For Another 18% Upside Movement!

By Rekha chauhan
February 7, 2022 Updated February 7, 2022
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Bitcoin price has been on the continuous rise for the past four days with 13% gains. BTC has breached the $40,000 psychological level. On Balance Volume (OBV) shows rising volume as the price scales up after a few weeks of consolidation.

  • Bitcoin (BTC) price locks in gain on for the second consecutive session on Monday.
  • BTC coils up for further gains toward $52k.
  • The 24-hour trading volume supports the current upside with 63% gains as per CoinMarketCap.

As of press time, BTC/USD is trading at $43,852, up 3.39% 24 hours.

Bitcoin sits above 50 DMA

On the daily chart, BTC is hovering just above the 50 DMA at $42,834.45. However, BTC faces strong resistance near multi-week resistance near $44,000. Now, it would be interesting to watch if the price could sustain and breach away the mentioned level.

The Daily Relative Strength Index (RSI) reads at 60 inspired by the current price action. If it continued to move north then investors could retest the December 29 high of $48,149.58.

BTC plummet nearly 50% in January from an ATH high of $67,566 made in November. The world’s largest cryptocurrency rose 28% from the low of $33,495 made on January 24.

A decisive close above the mentioned high level would motivate investors to take out the $52,347.36 horizontal resistance line.

On the flip side, if the price could not sustain the current high level and as the rally fizzled out then BTC could retrace toward the immediate support level that is placed around $39,481.

Furthermore, a breakdown of the mentioned level will blow BTC toward $34,752. The next market participant could look out for the lows made in July 2021 placed at $29,301.56.

 

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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