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Technical Analysis for BTCUSD for 9th February 2022

Bitcoin Recoils, BTCUSDT Buyers Firm Above $40k

KPMG Canada, one of the big four auditing firms, has added Bitcoin and ETH to its balance sheet, a press release on February 7 indicates. Crypto commentators label the endorsement as more significant than the $1 billion BTC purchase by Tesla in 2020.

Past Performance of BTC

The Bitcoin price is trading at a one-month high based on the candlestick arrangement in the daily chart. BTC bulls are upbeat, adding to their longs as they steady above the $40k level. Technically, bulls are in the driving seat in the short term despite the rejection of better prices on February 8.

Bitcoin Technical Analysis

BTCUSDT prices are bottoming up. After the high-volume break above the middle BB, traders appear to be ramping up, explaining the uptick in trading levels. In the immediate term, risk-off traders may find entries to double down above $40k and within the February 4 trend-defining bull bar. Their first target, in this formation, is the $45k to $46.5k previous support-now-resistance. On the more cautious side, unexpected dumps below $40k may force the coin back to $35k.

What to Expect of BTC

Traders are bullish following the encouraging close above $40k, reversing deep losses of January 21 and 22. Positive fundamental developers are the tailwinds keeping buyers in the lead. In that case, BTC may race to close above $45k and could even retest $50k in short to medium term.

Resistance level to watch: $45k

Support level to watch: $40k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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