Main navigation

Bitcoin (BTC) Price Analysis for February 16

Thu, 02/16/2023 - 13:08
article image
Denys Serhiichuk
How far can rise of Bitcoin (BTC) last?
Bitcoin (BTC) Price Analysis for February 16
Cover image via

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.

Read U.TODAY on
Google News

Bulls continue their dominance, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap


Bitcoin (BTC) is the biggest gainer among the top 10 coins, rocketing by more than 10% over the last 24 hours.

BTC/USD chart by TradingView

Despite the sharp growth, Bitcoin (BTC) is looking locally bearish on the hourly chart as the price has returned to the support level of $24,571. If the rate fixes below it, the drop may continue to the next zone around $24,400. Such a scenario is relevant until the end of the day.

BTC/USD chart by TradingView

On the daily time frame, the situation is rather more bearish than bullish as the price could not fix above the important zone of around $25,000.

XRP Price Analysis for February 15

If the rate returns to the support at $24,258, it might be a prerequisite for a further drop to the $23,954 level.

BTC/USD chart by TradingView

From the midterm point of view, Bitcoin (BTC) is looking bullish; however, one needs to wait for the candle closure. If it happens above the $23,954 level, there are chances to see a further rise. In this case, the growth can continue to the nearest resistance level of $26,845.

Bitcoin is trading at $24,535 at press time.

article image
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