InsideBitcoins.com

Bitcoin Price Prediction: BTC/USD May Likely See Further Downside as Price Fails to Break above $48,000

Bitcoin (BTC) Price Prediction – February 13

The Bitcoin (BTC) has been facing slight selling pressure as of late, with the resistance found within the $47,000 level.

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

Key levels:

Resistance Levels: $54,000, $56,000, $58,000

Support Levels: $42,000, $40,000, $38,000

BTCUSD – Daily Chart

BTC/USD has been struggling to maintain its uptrend, with the selling pressure found within the $47,000 region which is stopping it from seeing any major gains since yesterday. Meanwhile, traders are not surprised by the selling pressure as bears are trying to defend against a break above the cryptocurrency’s all-time highs. However, until bulls break above this level, the king coin may likely face a prolonged sideways movement.

What is the Next Direction for Bitcoin?

At the time of writing, BTC/USD is trading down just under 0.6% at its current price of $47,124. This marks a serious climb from its daily low of $47,120 set at the bottom of the decline. However, the coming few days may likely shine a light on Bitcoin’s outlook, as it is currently trading at a pivotal point. Therefore, any decline or rise from this level could determine its next trend.

BTC/USD is currently trading above the 9-day and 21-day moving averages, with bears moving the market price towards the south. Furthermore, any bearish movement below the 9-day moving average may push the price to the support level of $42,000, $40,000, and $38,000 while the resistance levels are located at $54,000, $56,000, and $58,000 as the technical indicator remains within the overbought region.

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

Looking at the 4-hour chart, the resistance at the $48,000 has been too heavy for the bulls to overcome as the price is now struggling in a consolidation mode, which has made the cryptocurrency remain indecisive over the past few hours now. The resistance levels to watch are 50,500 and above.

BTCUSD – 4 Hour Chart

Meanwhile, the coin is still roaming around $47,142 as bears are pushing the price within the moving averages. Meanwhile, the $44,000 and below may come into play if the technical indicator RSI (14) moves below 50-level.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • US-Friendly
  • Paypal accepted
  • 12+ cryptocurrencies
4.5/5

Visit Site
75% of retail investors lose money.
eToro Reviews

    eToro Reviews

    https://insidebitcoins.com/visit/etoro-newsCreate your account
    Hide eToro Reviews
    Remember, all trading carries risk. Past performance is no guarantee of future results.
    Avatar

    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.