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Bitcoin (BTC) Price Analysis for February 12

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Sun, 12/02/2023 - 14:05
Bitcoin (BTC) Price Analysis for February 12
Cover image via www.tradingview.com

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The correction continues on the cryptocurrency market as most of the coins are in the red zone.

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Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) is an exception, rising by 0.25% over the last 24 hours.

Top coins by CoinMarketCap

Despite the slight rise, Bitcoin (BTC) is looking bearish on the local chart as the rate is returning to the support level of $21,770. If closure happens near it, the breakout may lead to a further drop to the $21,600 zone shortly.

BTC/USD chart by TradingView

On the daily time frame, the price has made a false breakout of the resistance at $21,939 against low volume. If the situation does not change by the end of the day, the decline may continue to the middle of the channel around the $21,500-$21,600 zone. Such a scenario is relevant until the end of the week.

BTC/USD chart by TradingView

On the weekly chart, the rate of Bitcoin (BTC) has made a false breakout of the mirror level at $21,473, which means that the main coin might have found a local bottom and is ready to bounce back.

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However, it is too early to think about a midterm reversal as BTC has not accumulated enough energy for that. In this regard, consolidation in the range of $21,800-$22,000 might be a possible scenario until the end of the month.

Bitcoin is trading at $21,803 at press time.

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