Bitcoin Price Prediction: BTC/USD Establishes A Low Around $42,000
Bitcoin Price Prediction – February 13
The Bitcoin price prediction continues to consolidate underneath a $42,500 barrier and on top of a critical support level of $42,000.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $48,000, $50,000, $52,000
Support Levels: $38,000, $36,000, $34,000
BTC/USD today touches the daily high of $42,781 before heading to the downside. During this period, the Bitcoin price is now facing down with 0.08% in the value. It is likely to retain this bearish vibe in the near term as the technical indicator Relative Strength Index (14) may cross below 50-level, shifting focus from the upside. At the time of writing, the price of Bitcoin is hovering at $42,210.
Bitcoin Price Prediction: BTC Price May Retreat Slightly
Looking at the daily chart, the critical support at $42,000 may be tested to the downside as the Bitcoin price consolidates. Failure of the noted support could see the Bitcoin price staying below the 9-day moving average. More so, this area is likely to slow down the correction and serve as a jumping-off ground for another recovery attempt; however, if it is out of the way, the support level of $38,000, $36,000, and $34,000 may come into focus.
At the time of writing, BTC/USD remains below the 9-day MA but the resistance at $42,200 still stands in the way of movements to $43,000. More so, the Bitcoin price is still fighting to correct the subtle bearish movement, and the bullish trend coupled with the right volume and high volatility level is the right ingredient for the recovery to $46,000 in other to resume its upward movement towards $48,000, $50,000, and $52,000 resistance levels.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
Checking the 4-Hour chart, BTC/USD is currently trading below the 9-day and 21-day moving averages. The Bitcoin price is hovering around $42,128 and may take time to persistently trade above the moving averages. However, the upward movement may likely touch the resistance level of $44,000 and above if the bulls regroup again.
Meanwhile, on the downside, the price could fall below the lower boundary of the channel if the bears put more pressure on the market; therefore, a further movement could test the critical support at the $40,000 level and below. In addition, the Relative Strength Index (14) moves below 45-level, indicating a bearish movement.
Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider
Read more: