BTC Price Consolidates Above $42K as Bitcoin Holds Above It - February 9, 20,22

BTC/USD fluctuates between $42,710 to $45,400, while Bitcoin is above it. The BTC price has stabilized above $42,710 support after a small retracement. The current support will be the determining factor in the continuation of the current uptrend.

Resistance Levels: $70,000 - $75,000 - $80,000 Support Levels : $50,000 - $45,000 – $40,000

BTC reached a record $45,400 after the price rise. As Bitcoin's market reached an overbought area, the bullish momentum was unable to continue. Today, BTC's market price is at $42,710 support. It has since consolidated above that level. If they break the $42,710 resistance, the bears will push BTC to $39,000. The bulls can break the $45,400 resistance and the market will rise to $49,000 or $51,000. BTC price bars are currently above the moving averages, indicating an upward movement. The market will decline if the price bars fall below the moving averages. Bitcoin is currently consolidating above $42,710 support.

Russian Central Bank and Government Accept Bitcoin as an "Analogue to Currencies"

Russia's central bank and government have come to an agreement regarding how to regulate cryptocurrency, following its launch on February 18. They are currently working on a draft of a law that will make crypto an "analogue currency" instead of digital financial assets. According to reports, Bitcoin transactions are legal in Russia and the Russian Federation is allowed to possess cryptocurrency.

Transactions in cryptocurrencies must be made through a "digital currencies exchange organizer" (a bank or peer-to-peer platform licensed in the country). This means that cryptocurrencies must be identified through the bank system or licensed intermediaries. A draft law stipulates that cryptocurrency transactions exceeding 600,000 rubles (roughly $8,000), must be reported. Failure to declare the transaction is a crime. Anyone who accepts cryptocurrencies illegally as payment will be subject to fines.

BTC's recent uptrend has seen it fall to $42,710 support, while Bitcoin is above it. It is possible that the price will continue to rise. On February 8, a retraced candle was tested at the 38.2% Fibonacci extension level. BTC could rise to $51,710.10 or 2.618 Fibonacci extension at the retracement level.

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By: Azeez Mustapha
Title: Bitcoin (BTC) Price Prediction: BTC/USD Is Vulnerable below $42K as Bitcoin Holds above It
Sourced From: insidebitcoins.com/news/bitcoin-btc-price-prediction-btc-usd-is-vulnerable-below-42k-as-bitcoin-holds-above-it
Published Date: Wed, 09 Feb 2022 11:07:14 +0000