Bitcoin (BTC) Price Analysis as of February 28: Market Trends and Predictions
Bitcoin’s price has fallen by 5.11% in the last 24 hours, currently sitting at $81,664. A false breakout occurred at $78,764, but there may be a possible upward movement towards higher levels. Longer-term signals do not indicate reversals; hence, a drop to $70,000 is plausible in the near term.
As of February 28, Bitcoin (BTC) has experienced a notable decline of 5.11% over the past 24 hours, as reported by CoinMarketCap. Presently, Bitcoin trades at $81,664. The hourly chart indicates that after a recent false breakout from the local support level of $78,764, the price is currently on an upward trajectory. If this upward movement persists, a test of higher resistance levels could materialize shortly.
However, an analysis of longer-term trends reveals an absence of reversal signals thus far. Should the daily candle close featuring a long wick occur, traders may anticipate a temporary rebound towards the $86,000 range during the weekend. Nevertheless, the midterm outlook appears bearish; a weekly candle closing near current prices could signify a forthcoming decline towards the critical $70,000 zone.
In summary, Bitcoin has faced a significant drop in value, currently trading at $81,664. While a brief upward correction is possible, the long-term indicators suggest continued bearish trends, with a potential decline towards the $70,000 mark if current price levels are maintained. Traders should remain cautious and monitor market developments closely.
Original Source: u.today
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