BTC/USD Ready to Spike Above $42,000

Bitcoin Price Prediction – February 6

As the Bitcoin price prediction shoots above $42,000 as bulls ready to blow hot, it has done little to flip the market sentiment at this stage

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $47,000, $49,000, $51,000

Support Levels: $37,000, $35,000, $33,000

BTC/USD is seen following a bullish movement and it is likely to start a new increase as long as the 9-day moving average crosses above the 21-day moving average. At the beginning of today’s trading, the Bitcoin price sees a steady increase towards the $42,500 resistance level as the king coin touches the daily high of $42,125. At the time of writing, BTC/USD is likely to settle above the upper boundary of the channel.

Bitcoin Price Prediction: BTC Price May Cross Above the Channel

The Bitcoin price is seen retracing and trading above the 9-day and 21-day moving averages while the market price prepares to cross above the upper boundary of the channel. However, any further increase in the bullish movement could increase the price above the channel. Meanwhile, another resistance may come at $44,000 before reaching the potential resistance of $47,000, $49,000, and $51,000 levels.

However, if the resistance level of $42,000 failed to hold, it may reverse and face the support level of $40,000 as further increase in the bears’ pressure may bring down the price below the moving averages and this could cause the king coin to hit the supports at $37,000, $35,000, and $33,000. In the meantime, the technical indicator Relative Strength Index (14) stays above 55-level to increase the bullish movement.

BTC/USD Medium – Term Trend: Bullish (4H Chart)

As reveals on the 4-hour chart, the Bitcoin price is hovering around the 9-day and 21-day moving averages at a price value of $41,677. However, with the look of things, the bulls may keep the Bitcoin price above the 9-day moving average but any bearish cross below this barrier may bring the coin towards the support level of $40,000 and below.

Moreover, if the Bitcoin price finds a decent resistance level at $42,000 level, the first digital asset may continue the bullish movement above the upper boundary of the channel which may likely hit the resistance level of $43,500 and above. However, the technical indicator Relative Strength Index (14) moves within the overbought region, suggesting additional bullish signals into the market.

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