Bitcoin Price Predictions - February 6

The Bitcoin price prediction rises to $42,000, as bulls are ready to blow heat. However, it has not done much to change the market sentiment at this stage

BTC/USD Long-term Trend Bearish (Daily chart)

These are the key levels

Resistance Levels: $47,000 - $49,000 - $51,000

Support Levels: $37,000, $35,000, $33,000

BTC/USD has been following a bullish trend and is expected to continue its upward movement as long as it crosses the 21-day moving mean. The Bitcoin price is moving towards $42,500 resistance at the start of today's trading. This is as the king of coins reaches $42,125 daily high. BTC/USD is expected to reach the upper limit of the channel at the time of writing.

Bitcoin Price Prediction: BTC price may cross the Channel

While the Bitcoin price is retracing and trading higher than the 9-day, 21-day moving mean while the market price prepares for crossing above the channel's upper boundary, the price of Bitcoin appears to be trading in excess of the latter. Any further bullish movements could lead to a price increase above the channel. Another resistance could be found at $44,000, before the price reaches the potential resistance of $47,000 or $49,000 and $51,000.

If the resistance level at $42,000 fails to hold, the price could reverse to the support level at $40,000, as the bears' pressure will continue to increase. This may cause the price to fall below the moving averages, which could lead to the king coin hitting the supports of $37,000, $35,000 and $33,000. To increase bullish movements, the Relative Strength Indicator (14) remains above 55.

BTC/USD Medium Trend: Bullish (4H chart)

The 4-hour chart shows that the Bitcoin price hovers around the 9-day, 21-day moving averages with a price of $41,677. The bulls may maintain the Bitcoin price above its 9-day moving average, but any bearish crossing below this barrier could push the coin towards the support level at $40,000 or lower.

If the Bitcoin price reaches a reasonable resistance level at $42,000, then the first digital asset could continue its bullish move above the channel's upper boundary. This resistance level may be $43,500 or higher. The technical indicator Relative Strength Index (14) is moving within the overbought area, which suggests additional bullish signals to the market.

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By: Azeez Mustapha
Title: Bitcoin Price Prediction: BTC/USD Ready to Spike Above $42,000
Sourced From: insidebitcoins.com/news/bitcoin-price-prediction-btc-usd-ready-to-spikes-above-42000
Published Date: Sun, 06 Feb 2022 17:17:49 +0000