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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.

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