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Technical Analysis for BTCUSD for 14th February 2022

Bitcoin Stabilizes above $40k amid Increasing BTC Adoption



Dara Khosrowshahi, the CEO of Uber, has revealed that they can accept BTC payments in the future. This statement coincides with Bitcoin's hashrate spiking to an all-time high of 236 EH/s on February 13.


Past Performance of BTC

Bitcoin's fundamentals are solid considering the increasing receptiveness amongst multi-billion traditional firms. On February 14, BTCUSDT prices were firm above $40k amid intense selling pressure of the past four days reading from the coin's candlestick arrangement in the daily chart. Technically, BTC bulls have the upper hand above $40k despite headwinds.


Bitcoin Technical Analysis

From the performance in the daily chart, sellers are yet to clear below $40k and are within the price zone set by the February 4 bull bar. Based on this, every low above $40k within the February bull bar presents loading opportunities for traders angling for a retest of $45k and $46.5k, and further rally towards the $50k psychological level in a buy trend continuation. Supporting this preview are the relatively light participation levels behind the lower lows from February 10. This preview is bullish from an effort-versus-result perspective, provided prices are above $40k and February 4 lows. A firm break below the psychological support, on the other hand, could see BTC disintegrate possibly back to $35k--or worse.


What to Expect of BTC

BTC prices are relatively solid and may unwind losses of the past four days. Aforementioned, aggressive traders may load the dip above $40k, targeting $45k and later $50k in the days ahead.


Resistance level to watch: $45k

Support level to watch: $40k


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

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