Bitcoin (BTC) Price Prediction – February 2, 2021
BTC/USD has reclaimed the $34,500 support as bulls break the $35,000 resistance. The bulls are likely to retest the psychological price level of $40,000 if the current bullish momentum is sustained. The current uptrend has a target price of $37,000.
Resistance Levels: $45,000, $46,000, $47,000
Support Levels: $35,000, $34,000, $33,000
Bitcoin is trading at $35,709 at the time of writing. Therefore, if the price breaks the $35,000 resistance, the uptrend will rally above $38,000 high. As the uptrend continues, BTC price is likely to face resistance at the $40,500. On the other hand, if the bulls fail to break the $35,000 resistance, Bitcoin will face rejection and fall to the $30,000 support. Presently, the $30,000 support has received several retests in recent times. On the upside, the uptrend will continue once the $40.500 resistance is cleared.
Bitcoin (BTC) Indicator Reading
Finally, the BTC price has broken the resistance line, also called the downtrend line. This signals the resumption of the upside momentum. The upside momentum will continue as long as the bullish momentum is sustained above the resistance line. Bitcoin is at level 62 of the Relative Strength Index period 14. It indicates that Bitcoin is in an uptrend zone and may continue upside momentum. It has a chance to rally on the upside.
From the price action, the bulls have broken the $34,000 resistance. However, in a downtrend, the price retested the 50% Fibonacci retracement level. The retracement level suggests that BTC price will rise to level 2.0 Fibonacci extension or the high of $37,065.60. The bullish momentum will continue to next resistance level of $40,500.