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Bitcoin (BTC) Price Analysis for February 12

Sun, 02/12/2023 - 14:05
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Denys Serhiichuk
Could Bitcoin (BTC) possibly bounce back?
Bitcoin (BTC) Price Analysis for February 12
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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

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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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.