After falling at $ 91,350, Bitcoin has aroused interest from buyers, now its course. Discover Elyfe's analysis to decipher the technical perspectives of the BTC.
Bitcoin course situation (BTC)
After diving towards the support of $ 91,350, the Bitcoin price benefited from a buyer interest, allowing it to rebound and reintegrate the $ 100,000. Unfortunately, the cryptocurrency failed to cross this threshold. Nevertheless, the BTC has been able to maintain itself above $ 95,000, demonstrating buyer support that is still very present.
At the time of writing, Bitcoin is negotiated around $ 98,200. It is located under a significant value area, including its annual VWAP, located at the same level as its monthly pivot point at $ 100,335. Although the short -term trend remains down, the medium and long -term trends remain upwards. This observation is illustrated by the positioning of the mobile averages over 50 and 200 days, which are crossed and oriented upwards.
On the side of the bullish dynamic of bitcoin, we observe that it was revised downwards, but now seems to stabilize, letting the possibility of an upcoming rebound. This is reflected both in its price and in its oscillators.
Current technical analysis was carried out in collaboration with Elyfeinvestor and popularizer in the cryptocurrency market.
Zoom on derivatives (BTC/USDT)
The open interest and the rate of financing for perpetual BTC/USDT contracts were recently revised upwards, accompanying the assessment of the course of their underlying. This reflects a well -present buyer interest, influencing Bitcoin management.
CVD analysis shows that it remains in a downward trend, although it displays signs of stabilization. This suggests a predominance of selling orders, but with pressure that gradually tends to fade.
Liquidations have remained limited on both sides of the market since the last Bitcoin correction, without significant movement for buyers or for sellers. This situation testifies to a stable market, controlled volatility and prudent risk management, reflecting a certain balance. However, this state of stability cannot last indefinitely and deserves particular attention, because a resumption of volatility could occur soon.
The thermal card of liquidations of perpetual contracts BTC/USDT shows that Bitcoin has reached a large liquidation zone under $ 96,000, before seeing its course rebound. This price level has thus aroused notable buyer interest.
Currently, the most significant liquidation areas above the current BTC price are between $ 100,000 and $ 104,000. Higher, an even more marked area appears between $ 106,500 and $ 111,000. Conversely, under the current course, the most important liquidation zones are first under $ 95,000, with a more subtle area around $ 90,000. However, the most notable is around $ 88,000.
If the price approached these levels, this could trigger a large number of orders, thus increasing the risk of volatility for cryptocurrency. These areas therefore constitute crucial points of interest for investors.
Forecasts for the Bitcoin course (BTC)
- If Bitcoin manages to maintain itself above $ 94,000, a recovery could allow it to cross $ 100,335, opening the way to $ 102,500. Overcoming this threshold could then promote a return to $ 106,000, then to its ATH at $ 109,354, an increase of approximately 12 %.
- Conversely, if Bitcoin fails to maintain itself above $ 94,000, it could find a support around $ 92,200. A prolonged decline would then bring back its course to the support of $ 90,000. Finally, the break of this level could lead to a new fall to the 88,000 – $ 89,000 area, or even up to $ 85,000, representing a drop in approximately 13 %.
Conclusion
Despite a correction phase, Bitcoin shows signs of stabilization and retains a rebound potential. Buyers remain present, revealing a possible bullish recovery in the next movements. In this context, it will be essential to closely monitor the reaction of prices at strategic levels in order to confirm or adjust current forecasts. Finally, remember that these analyzes are based solely on technical criteria, and that the course of cryptocurrencies can evolve quickly according to other more fundamental factors.
Has this study interested you? Find our latest analysis of February 6.
Maximize your Cointribne experience with our 'Read to Earn' program! For each article you read, earn points and access exclusive rewards. Sign up now and start accumulating advantages.
