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Technical Analysis for BTCUSD for 10th February 2022

Bitcoin Surges 35% in 3 Weeks, BTC Could Reach $50k

According to reports, the Russian government and the country's central bank have reached an agreement to draft new legislation or amend existing laws to treat Bitcoin and cryptocurrencies as currencies.

Past Performance of BTC

Bitcoin bulls are firm, reading from formation in the daily chart. After initial scares, BTC bulls are pushing higher, reversing losses of early February 8 and 9. Based on the BTCUSDT daily chart, prices could close above the psychological resistance at around $45k and $46.5k in the short term.

Bitcoin Technical Analysis

The path of least resistance is northwards in the immediate term. Notably, BTC bull bars align along the upper BB as traders double down on pullbacks above the middle BB and $40k. Currently, the spike in trading volumes and reversal of losses of late January 2022 embolden bulls who are targeting $45k and $46.5k in the short term. A close above this ceiling with increasing volumes may see BTC retest $50k and $53k—the shoulder of the M-formation--unwinding losses posted in the Asian session.

What to Expect of BTC

Traders are optimistic, buoyed by solid fundamentals. The BTCUSDT candlestick formation supports buyers, explaining the rejection of lower lows posted in the early session of February 8. At this pace, characterized by unrelenting bulls, BTC may breach $45k and $46k as prices bottom up.

Resistance level to watch: $46.5k

Support level to watch: $45k

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

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