Bitcoin (BTC/USD) Market Poised For Bullish Recovery
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Bitcoin Price Prediction – February 6
The Bitcoin market is poised for a bullish recovery after trendline support gets hit. However, the recovery might take a while as the Relative Strength Index (RSI) shows potential for more decline.
The BTCUSD daily chart displays key technical indicators, including the 9-day Simple Moving Average (SMA) at $100,370 and the 14-day RSI at 45.92. The SMA is currently above the price, indicating near-term resistance. However, the RSI, hovering near the neutral zone, suggests that BTCUSD is neither overbought nor oversold. A bounce from current levels could push BTCUSD toward reclaiming the moving average, confirming renewed buying pressure.
BTC/USD Market Key Levels:
Resistance Levels: $100,000, $115,000, $125,000
Support Levels: $85,010, $66,780, $53,500
BTC/USD – Daily Chart
The BTCUSD daily chart shows that the overall trend of the market still points upward.
Price action indicates that BTCUSD recently tested a level around $95,900, aligning with a rising trendline and a previously identified rejection block. The bullish structure remains intact, with a higher low forming along the ascending trendline. The Break of Structure (BOS) at $109,360 suggests that BTCUSD remains in a broader bullish trend, and the recent rejection at support signals a potential reversal. If BTCUSD holds above $95,900, it may resume its upward trajectory.
What is the likely projection of BTCUSD?
BTCUSD is expected to consolidate between the $100,000 level and the rising trendline before making a decisive move. A successful retest of the trendline could trigger a push toward the $109,400 swing high, with a potential breakout leading to the $115,000 resistance. A break above this level would confirm a bullish continuation, targeting $125,000. However, if BTCUSD loses the rising trendline, a deeper retracement to $90,680 or $85,010 could occur before regaining strength.
BTC/USD – Four-Hour Chart
BTC/USD – Four-Hour ChartBTCUSD has bounced off the order block (OB) around $92,500, confirming strong demand in that zone. The price has reclaimed the 9-period SMA at $97,800, signalling a short-term bullish momentum. A break above the $100,000 resistance will likely push BTCUSD toward the previous high of $109,400. If BTCUSD retests and holds above $97,800, further upside toward $115,000 remains probable.
Bitcoin (BTC) Current Statistics
The current price: $98,200
Market Capitalization: $1,930,000,000,000
Trading Volume: $47,690,000,000
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