This website uses cookies to ensure you get the best experience on our website

Blog

Technical Analysis for BTCUSD for 16th February 2022

Bitcoin Price Spikes, BTCUSDT Could Retest $50k in Days

Anthony Noto, the CEO of Sofi Technologies, has revealed that he and his family own Bitcoin, Ethereum, and other "obscure" cryptocurrencies. He warned that companies who fail to take advantage would be left behind.

Past Performance of BTC

After a lull that saw BTC prices cool off from $69k to below $35k by mid-January 2022, bulls are taking charge in a recovery. BTC is up roughly 35 percent at spot rates as aggressive buyers double down, loading the dips. Based on the February 15 bull bar, BTC could expand above $46k towards $50k in the short term.

Bitcoin Technical Analysis

Technically, buyers have the upper hand. The reaffirmation of buyers on February 15 was with relatively high trading volumes and was wide-ranging, pointing to resilient bulls. The BTCUSDT price is within a bullish breakout pattern above the $40k mark and the flexible support—former resistance line—of the 20-day moving average. Therefore, based on this formation, every dip within the February 15 bull bar may offer entries with targets at $46.5k and, later, $50k.

What to Expect of BTC

Bitcoin is emerging as a preferred store of value for optimistic traders. Fanned by supportive fundamentals, BTC prices could continue edging higher above February 2022 highs to $50k as trading volumes expand.

Resistance level to watch: $46.5k

Support level to watch: $40k

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

For more interesting tips and facts visit our Education Centre.

Have Questions?

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18.