Sign Up on MEXC
For the last few weeks, the BTC/USD pair has been quite volatile. The recent recovery rallied to the $45000 mark and registered a 38% gain from the $33177 low. However, the Bitcoin (BTC) price turned down from the overhead resistance, indicating the bears are aggressive at this level. The coin price could sink to $40000 support to test the buyers’ commitment.
Bitcoin (BTC) On-chain Data Struggles To Maintain A Bullish Outlook
- On February 9th, the Crypto Fear & Greed Index reached the neutral level of 54, which last recorded this high on November 2021. However, due to the recent pullback, the metric has fallen back to fear(44) territory.
- Similar to the above scenario, which was recently highlighted by @SwellCycle, the 7-day Moving average STH-SOPR indicator(which represents the degree of realized profit and loss for all coins moved on-chain for Short-term holders. i.e., with a holding lifespan of fewer than 155 days.) surged above the 1 mark.
- However, the slope couldn’t sustain much longer and slid below 1 support, indicating a clear bullish sentiment has yet been achieved.
Bitcoin (BTC) Price Technical Analysis
Source-Tradingview
On February 4th, the BTC price made a decisive breakout from a confluence of technical levels, i.e., $40000 psychological level, descending trendline, and 20-day EMA. The sustained buying surged the coin price by 13%, bringing it to $45000.
However, the bears continued to defend this resistance, resulting in a minor pullback in price action. The BTC price currently trades at $42564, indicating a 7.2% loss from the overhead resistance. The falling coin price approaches the shared support of $40000 and 20 EMA.
A rebound from this crucial support level would indicate bulls are buying this dip and would give another attempt to push the BTC/USDT pair above $45,000. On a contrary note, if sellers pulled the price below the $40000 mark, the coin price would plunge to $36,721 or $33177.
- Resistance level- $45000, $52000
- Support level- $40000, $36721
Bitcoin price indicators
A recent price jump has turned the dynamic resistance of the 20-day EMA into potential support. Buyers will likely encounter the trend defining 200 EMA near the $45000 mark, which stands as a key barrier to bolster BTC recovery.
Moreover, the RSI(55) slope holding above the 14-SMA and the neutral line suggests the buyers have an upper hand.
- BlackRock Dumps Ethereum, Buys $366M in Bitcoin
- GEMI Stock Rises Over 20% Following Gemini’s Debut on Nasdaq
- Shiba Inu DEX ShibaSwap Releases New Upgrade To Strengthen SHIB Ecosystem
- REX-Osprey Solana Staking ETF’s AUM Hits New High Amid SOL Rally
- Breaking: Tether To Launch US-Based Stablecoin USAT With Bo Hines As CEO
- HBAR Price Prediction Amid DTCC Listing and Archax Expansion — Is $0.50 Next?
- Ethereum Price Eyes a 40% Surge as Morgan Stanley Shifts Fed Cuts Forecast
- Solana Price Prediction: Ford’s $1.65B Treasury Bet Sets Sights on $320
- Dogecoin Price Prediction as CleanCore Pushes Toward 1B DOGE Target- Is 92% Rally Ahead?
- SHIB Price Forecast as LEASH V2 Rollout Expands Cross-Chain — Is a 200% Rally Ahead?
