Bitcoin will resume its uptrend in mid-February!
Bitcoin has yet to fully recover from its early February drop. The leading cryptocurrency remains colloquial, trading between $92,000 support and $102,200 resistance. This price variations posits a key contrast between digital and digital physical gold -- while an ounce of gold trades at a relatively modest $3,000, Bitcoin fluctuates within a $10,000 price disparity.
BTC's future direction remains uncertain. If buyers gain strength and push the price above $100,000, Bitcoin could test new highs in the $102,200 - $105,500 range, potentially extending its upward trend.
However, a deeper correction could trigger a retest of the $93,000 support level, which would likely lead to a new local low within the $89,200 - $92,000 range.
Presently Up 1.02% with a moderate RSI of 44.90 a moderation largely attributed to Michael Saylor's 7,633 purchase of Bitcoin worth $742 million today.
While the fear and greed index still remains at 35 this hints at a potential pull back might be inevitable.
BTC's future direction remains uncertain. If buyers gain strength and push the price above $100,000, Bitcoin could test new highs in the $102,200 - $105,500 range, potentially extending its upward trend.
However, a deeper correction could trigger a retest of the $93,000 support level, which would likely lead to a new local low within the $89,200 - $92,000 range.
Presently Up 1.02% with a moderate RSI of 44.90 a moderation largely attributed to Michael Saylor's 7,633 purchase of Bitcoin worth $742 million today.
While the fear and greed index still remains at 35 this hints at a potential pull back might be inevitable.
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