It had been almost two weeks that the price of Bitcoin (BTC) had been experiencing a high trend. The rallies had helped Bitcoin cross the $40,000 mark it had been struggling really hard to cross for a long time.
According to data from TradingView, Bitcoin was hovering around $38.50k on February 1, 2022. By February 3, Bitcoin went down to 36,406.64, before it started making a comeback.
From the low figure of $36,406.64, Bitcoin started experiencing a great surge. As the price of Bitcoin started elevating, by February 5, 2022, it had reached all the way up to $45,534.02. This was a huge jump Bitcoin observed in terms of its price in a matter of a week.
On February 5, the price of Bitcoin had crossed the 50-day EMA of $44,082.60. Although the bulls tried hard to keep the price of Bitcoin over the 50-day EMA mark, they were not able to keep it persistent.
The resistance from the bears was more powerful than the power the bulls had been demonstrating in purchasing Bitcoin. Subsequently, by the end of February 11, 2022, the price of Bitcoin ended up falling below the 50-day EMA, going down to $43,488.12.
At the time of publication, Bitcoin is exhibiting a unit price of $42,320.49 as it has observed a 2.34% plummet in the past 24-hours.
The performance scale for Bitcoin shows that the investors are siding with “sell” sentiments. The sell:neutral:buy ratio for Bitcoin currently stands at 10:10:6. This means that in the upcoming days, the investors may prefer bears over bulls.
However, if the bulls are able to move the investors to their side, their first approach would be to hit and cross the 50-day SMA. Once again, the bears would pose a lot of pressure and they would show a lot of resistance.
If the bulls take the lead and are able to overpower the bears, then their next target would be to hit the pivot mark for Bitcoin. At present, the pivot mark for Bitcoin stands at $47,925.59.
If the bulls keep their spirits high and keep adding more money towards accumulation, then Bitcoin may soon hit the 20-day SMA ($50962.31).
On the other hand, the RSI value for Bitcoin is at 44.96, which means that Bitcoin is still not out of the negative territory. This poses a great risk for bullish investors who may soon encounter a loss if Bitcoin’s price dips.
Even the Ultimate Oscillator for Bitcoin is fluctuating between lines 7, 14, and 28. This means that Bitcoin may again experience a dip in price. If the bears start selling Bitcoin on a higher scale, they may push it below its first strong support mark of $39k per BTC.
If that happens, then the bears would attempt to bring Bitcoin below the second strong resistance mark of $37,720.98. As of now, the analysis shows that the bears may attempt to bring Bitcoin below the 100-day SMA ($32,357.66).