Technical Analysis for BTCUSD for 16th February 2022
Bitcoin Price Spikes, BTCUSDT Could Retest $50k in Days
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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