Bitcoin Price Falters As It Targets The $50,000 High

Feb 12, 2024 at 16:21 // Price
Coin Idol

The price of Bitcoin (BTC) rises above the 50-day SMA and continues its upward trend.

Long-term forecast for the Bitcoin price: bullish

The largest cryptocurrency was trading above $42,850 before the recent surge. The bears tried to push the cryptocurrency below the 21-day SMA, but were unsuccessful. On February 7, the bulls broke through the 50-day SMA and continued their uptrend.

Bitcoin price has been fluctuating above the $48,000 support level but below the $49,000 resistance level for the past 48 hours. Bitcoin will rise above the psychological price barrier of $50,000 if the current resistance level is broken. It will fall if it loses the $48,000 support. The cryptocurrency will decline and find support above the $46,000 low.

Bitcoin indicator reading

Bitcoin price is well above the moving average lines and has regained the previous high of $48,750. The price of the cryptocurrency will continue its uptrend as long as the price bars remain above the moving average lines. On the daily chart, the moving average lines have formed a bullish crossover, indicating further positive movement.

Technical indicators:

Key resistance levels – $45,000 and $40,000

Key support levels – $35,000 and $30,000

BTCUSD (Daily Chart) –FEB.12.jpg

What is the next direction for BTC/USD?

On the 4-hour chart, Bitcoin's bullish momentum has stalled above the $48,000 support as it consolidates. The price of the cryptocurrency is also oscillating above the 21-day SMA and the $48,000 support. If the support levels hold, Bitcoin will continue its uptrend. On the other hand, the current uptrend will end if the price falls below the moving average lines.

BTCUSD (4-hour Chart) –FEB.12.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Readers should do their research before investing in funds.

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