Bitcoin Holds Above $42,000 Support, Buyers And Sellers Breathe A Sigh Of Relief

The price of Bitcoin (BTC) is struggling to stay above the moving averages. When the price stays above the moving averages, Bitcoin tends to rise.

Bitcoin (BTC) price long-term forecast: bullish

On Monday, February 14, 2022, Bitcoin is above the moving averages at the time of writing. Over the past four days, Bitcoin has consolidated above $41,800 support after rejecting the recent high. On February 8, buyers pushed the BTC price to the $45,400 resistance zone but were rejected. 

On February 10, the bulls' attempt to reach the high at $45,899 caused the bitcoin price to fall to a low at $41,800. The bulls are facing strong resistance at the recent high while trying to hold above the current support. If the BTC price bounces above the current support, BTC/USD will rally above the $45,000 resistance zone. The bullish momentum is likely to extend to the high at $51,000. On the other hand, if the bears break below the support at $41,800, the largest cryptocurrency will fall to a low at $39,000.

Bitcoin (BTC) indicator reading  

First and foremost, the BTC price is above the moving averages, which indicates a possible upward movement. The BTC price is at the 53 level of the Relative Strength Index for the 14 period. The cryptocurrency is trading in the bullish trend zone and is capable of further upward movement. Bitcoin is above the 25% area of the daily stochastic. The market has resumed its bullish momentum.

Technical Indicators: 

Key resistance levels - $65,000 and $70,000.

Key support levels - $60,000 and $55,000

What does the next direction look like for BTC/USD?

For the last four days, BTC/USD has been moving in a sideways movement. The cryptocurrency is fluctuating between the prices of $41,800 and $45,400. Nevertheless, the BTC price has remained consistently above $42,000 in the last 48 hours. The price action is characterized by doji candlesticks (small bodies).

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