BITCOIN PRICE ANALYSIS & PREDICTION (February 21) – BTC is Back at $99k Following Steady Increase, Foots New Rally
The post BITCOIN PRICE ANALYSIS & PREDICTION (February 21) – BTC is Back at $99k Following Steady Increase, Foots New Rally appeared on BitcoinEthereumNews.com.
Bitcoin has seen a notable loss in the past month after failing to advance a bullish run. However, it is gaining traction again and now shows signs of strength after finding support above $94k declining for a month. This week started a bit rough for Bitcoin as the price broke down from a two-week consolidation to test $94k on Tuesday. It sharply rejected that price level and bounced back, closing that day’s price at around $96,000. Adding a few dollars the following day, it advanced buying yesterday and reclaimed $98,000 as volume flowed back into the market. Currently, it is trading above $99,000, looking ready for a major break above $100k. All these moves marked Bitcoin’s mini-recovery in the past few days. it may see a major price movement if demand continues to increase daily. Looking at the current price actions, Bitcoin appeared to have finished accumulation on the daily chart after moving sideways for three months. Having gathered enough liquidity, it seemed ready for another rally due to a recent increase in the buying volume. Technically, it is forming a new bullish – double-bottom – pattern on the daily chart. BTC’s Key Levels To Watch Source: Tradingview Aside from the critical $91,000 support level that stood firmly during the last drawdown, Bitcoin has found a new solid ground – at $94,000 – as it signals bullish. A collapse through these supports could plunge the price to $85,000. Such a move appears unrealistic following the latest bullish signal. It is facing resistance at $99,550. A flip through the psychological $100,000 level could surge the price to $103,278 and potentially $109,588 before rallying hard. Key Resistance Levels: $99,550, $103,278, $109,558 Key Support Levels: $94,000, $91,000, $85,000 Spot Price: $99,170 Trend: Bearish Volatility: Low Disclosure: This is not trading or investment advice.…
Filed under: News - @ February 22, 2025 8:22 am