Bitcoin (BTC) Price Analysis for February 7

Price Predictions
Sun, 02/07/2021 - 15:46
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Denys Serhiichuk
Can traders expect a price blast of Bitcoin (BTC) soon?
Bitcoin (BTC) Price Analysis for February 7
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 bearish mood has come back to a certain extent, as some coins have entered the short-term downtrend phase.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The high volatility of altcoins has affected the market share of Bitcoin (BTC), which has declined and is now at 61.1%.

BTC’s market share
BTC’s market share 

The relevant data for Bitcoin is looking the following way:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $724,958,642,114

  • Price: $38,924.64

  • Volume (24h): $66,972,543,648

  • Change (24h): -3.53%

The data is relevant at press time.

BTC/USD: Can bulls manage to set the new peak soon?

Even though the rate of Bitcoin (BTC) has fallen by around 4% since yesterday, the price change over the last week has accounted for +15.68%.

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

On the hourly chart, Bitcoin (BTC) is about to keep the correction wave going. In this case, a decline is possible to the area of the most liquidity around $37,600. At that point, buyers may try to seize the initiative.

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

On the daily time frame, Bitcoin (BTC) remains bullish despite today's drop as the rising channel has not been broken. If the leading crypo keeps trading at $38,000, there are chances of reaching $42,000 next week.

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

The weekly candle is about to absorb the previous ones, which means that bulls have also seized the initiative and are ready to conquer new peaks.

Related
BTC, ADA and BNB Price Analysis for February 6

Respectively, Bitcoin (BTC) may get to the vital mark at $45,000 shortly if bulls keep pushing the rate higher.

Bitcoin is trading at $38,632 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.