Bitcoin (BTC) Price Prediction: BTC Stays Quite Near $40k, Waiting For Next Catalyst
Bitcoin (BTC) price paused the previous three days of losses on Saturday. The price trades in a tight range with no meaningful price action. Bitcoin price rallied 25% since February 3 testing a critical resistance barrier. However, this uptrend failed to sustain after a second attempt, leading to a downswing.
- Bitcoin (BTC) price trades modestly lower on Saturday.
- The downside risk paused near the reliable support at $39,481 making bulls hopeful.
- BTC could retest January’s lows of $32,933.33.
According to on-chain analytics firm Glassnode shows that despite price volatility, over 60% of the BTC supply has not left its wallet in a year. Furthermore, major exchange Binance order book activity showed “rugs” of support disappearing above $40,000 immediately before Friday’s dip to two-week lows.
Bitcoin looks for reversal on the daily chart
Bitcoin price action lost 50% from all-time highs of $69000 made on November 10. Later on, a short-term consolidation started in late January rallied exponentially from February 3, hitting a critical resistance barrier. However, BTC bulls lack the conviction to sustain this time uptrend after this attempt, leading to the current retracement.
A spike in the sell order BTC/USD might restest the daily demand zone, which is placed near the $36000 level followed by the lows of January 24 low of $32,933.33.
On the flip side, with a renewed buying pressure above the 50-day Simple Moving Average (SMA) the price could jump toward the highs of $45,000.
Next, market participants would keep their eyes on the critical 200-day Simple Moving Average (SMA) at $49,916.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) trades at 43 with a negative bias.
MACD: The Moving Average Convergence Divergence (MACD) holds above the midline but with receding bullish momentum.
- Breaking: CME Group to Launch Solana and XRP Futures Options as Institutional Demand Grows
- Franklin Templeton CEO Dismisses 50bps Rate Cut, Citing ‘Robust Economy’ Ahead of FOMC
- Bitget Unveils ‘Universal Exchange’ Era to Mark 7-Year Anniversary
- Forward Industries Launches $4B Program to Boost Solana Holdings as Analyst Eyes $500 SOL
- Expert Identifies Bullish DOGE Flag as CleanCore Treasury Tops $160M With Fresh Purchase
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
- Bitcoin Price Prediction as Fed Decision Nears — Dump Before the Next Rally?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
