Bitcoin

Bitcoin Price an Inch Close to Make a Huge Move, Target at $42K Appears Pretty Clear!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Feb 2, 2022

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Highlights

    Bitcoin price is slowly ranging high to break out from the consolidation showcasing the huge possibility of going parabolic

    The asset breaking from here may smash the upper crucial resistance, however, the next phase of the rally remains pretty sceptical

Bitcoin in recent times is making some strong calculated moves that are working out. As the price is ranging high steadily despite some of the minor pullbacks which is short-lived.

The last fortnight witnessed a rise in the buying volume and hence the BTC price is planning its next plot accordingly. However, crucial zones need to be tested in order to achieve the target. 

As it is been noticed, the BTC price after each spike failed to cross $39,000 levels. Therefore the levels between $39,000 to $39500 have become extremely important for the asset to clear to validate a notable uptrend.

Once these levels are cleared, then Bitcoin could easily range above $40,000 to hit the crucial resistance close to $42,000. And here’s when the asset may receive a huge influx of liquidity which may assist the further rally. 

Also, on the contrary, the level of around $40,000 is among the price zones which record comparatively less influx of buying volume. And hence it is very important to witness the traders move when the asset reaches these levels. As if the asset fails to sustain at these levels then it may plunge back to the previous levels. 

The weekly chart of Bitcoin showcases ease in the selling pressure and very soon MACD could let out a strong bullish signal. Also, the RSI is about to break the downtrend which is pointing towards a bullish week ahead.

Therefore one can expect a pretty strong uptrend throughout the week but, the BTC price trend at reaching these levels appear to be pretty much sceptical at the present moment. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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