Key Findings: BTC Technical Analysis
- Bitcoin price retests the immediate resistance at $48K following the SEC ETF approval.
- The recent price spike of Bitcoin has been fueled by significant short liquidations.
- An extension of the current bullish trend may result in BTC/USD exceeding $58K.
Bitcoin Technical Analysis – BTC Daily Price Chart
Bitcoin (BTC) jumped to around $47,450 on February 8, representing a 3.25% increase and the biggest weekly rally in four months. The price increase has raised the possibility that, in the lead-up to its impending halving event in April, Bitcoin may surpass the $50,000 barrier.
At present, the market capitalization of Bitcoin is around $47,475, and its market cap is $931.8 billion. The market may be overbought, pointing to a potential future price decline, according to the relative strength index (74.84), and the 21-day exponential moving average, which is currently at $44,137.
We’ll closely watch how the price reacts around the current resistance, which is near $48,000. The price staying above this level will mean an extension of the current bullish trend. In such a case, we may see BTC/USD exceeding the immediate resistance at $51,907 and cruising towards the $58K level.
See Related: Bitcoin And Ethereum Technical Analysis
Key Findings: ETH Technical Analysis
- Ethereum (ETH) surged by 7% weekly, surpassing competitors and peaking at $2,700.
- The current bullish trend may help ETH/USD pass the critical resistance zone between $3,000 – $3,500.
- However, failure to maintain above $2,150 could lead to a decline toward support levels at $2,010 and $1,750.
Ethereum Technical Analysis – ETH Daily Price Chart
With a 7% weekly growth, Ethereum (ETH) has outperformed its competitors and demonstrated the strongest performance. The price of Ethereum (ETH) recently peaked at $2,700, and technical analysts are optimistic that ETH could soon surpass $3,500.
Ethereum (ETH) has grown significantly while trading in an area with a resistance of around $2,633 and support at $2,016. The current price rise can be related to the next Dencun update, which will improve the stability and scalability of the network.
In a bullish situation, Ethereum (ETH) would indicate more upside potential above $2,983 and $3,600 if it can exceed the resistance at $2,700.
In contrast, a bearish scenario may see ETH fall toward $2,010 and $1,750 if it fails to maintain support above the $2,150 level. This might lead to selling pressure.
