Bitcoin (BTC) Price Analysis for February 16

Price Predictions
Tue, 02/16/2021 - 13:58
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Denys Serhiichuk
Can one expect a deep correction of Bitcoin (BTC) after reaching $50,000?
Bitcoin (BTC) Price Analysis for February 16
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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Bulls keep dominating on the cryptocurrency market; however, there are some exceptions to the rule. Mainly, XRP is the top loser today, falling by 4.40%.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

Meanwhile, the market capitalization index remains in the same place and is now $1.5 trillion.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant data for Bitcoin is looking the following way:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $920,609,862,676

  • Price: $49,484.95

  • Volume (24h): $78,277,351,887

  • Change (24h): 3.93%

The data is relevant at press time.

BTC/USD: Can bulls fix above $50,000 at once?

Sellers pierced the average price level yesterday morning, but the two-hour EMA55 managed to keep the pair from falling further. The Bitcoin (BTC) price bounced off the support of $46,000 and recovered to the $48,700 area by the end of the day.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

During the night the trading volumes decreased and the price consolidated around the $48,000 mark. Bulls have already broken the psychological level of $50,000. A new price record can be set at $51,000.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the 4H chart, Bitcoin (BTC) can retest the liquidity zone around $47,000 to gain more power for a future rise. However, in case the main crypto closes below $47,000, the long-term scenario will not become relevant.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the longer time frame, the rising channel has not been broken, which means that Bitcoin (BTC) still has potential for future growth.

Related
BTC, ETH and XRP Price Analysis for February 15

Thus, there has been no huge amount of trading volume today, which means that most traders have not closed their long positions yet. In this case, one might expect BTC at around $56,000 by the end of the month.

Bitcoin is trading at $49,100 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 & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.