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Bitcoin Price Prediction: BTC/USD Breakdown Below $9,200; Is Bitcoin Bull-run Fading Away?

Bitcoin (BTC) Price Prediction – February 4

The daily chart of Bitcoin (BTC) shows harsh pullback today while the month-long price path shows a gradual growth. Today’s price pullback has affected the majority of altcoins within the market.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $9,700, $9,900, $10,100

Support Levels: $8,700, $8,500, $8,300

BTCUSD – Daily Chart

BTC/USD has put the traders under a nail-biting situation today as the coin kept heading downwards till just now. From its pulled-back price level of $9,089, BTC price has bounced up to $9200 with a rebound. The coin was above $9300 when the day opened, and the price correction drove the coin below $9200. Such notable price decline has triggered doubts amongst the crypto community as the decline has affected XRP and ETH to quite an extent.

Moreover, as the coin is trading at $8,281.29 and displays an intraday loss of 1.19%. The prevailing trend is bearish with expanding volatility. The leader of cryptocurrencies currently consolidates in a bullish flag pattern. Meanwhile, a breakout out from this pattern is supposed to continue in the direction of the previous trend. In this case, we expect BTC/USD to rise above $9,500 resistance and could move towards the potential resistance levels at $9,700, $9,900 and $10,100.

However, should Bitcoin price failed to remain above the 21 periods EMA; the price could drop to $8,900 vital support. A further low drive could send the price to $8,700, $8,500 and $8,300 support. The technical indicator RSI (14) has recently revealed a sign of trend reversal, which shows a possible more bearish momentum may continue to play out.

BTC/USD Medium – Term Trend: Ranging (4H Chart)

At the opening of the market today, the Bitcoin price first went up but has dropped slightly within 24 hours, bringing its price from $9,220 to reach around $9,150. Should the price continue to drop further and move below the channel, it could reach the nearest support levels at $8,900, $8,700 and $8,500.

BTCUSD – 4 Hour Chart

Moreover, if the bulls push the coin above the 21 and 50 periods EMA, the price of Bitcoin may likely reach the potential resistance levels of $9,400, $9,600 and $9,800. Presently, the market is indecisive as the RSI (14) indicator moves to cross below the 40-level.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.