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Bitcoin (BTC) Price Prediction for February 24

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Sat, 24/02/2024 - 18:00
Bitcoin (BTC) Price Prediction for February 24
Cover image via www.tradingview.com

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The cryptocurrency market is mainly bullish today, according to CoinStats.

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BTC chart by CoinStats

BTC/USD

The price of Bitcoin (BTC) has risen by 0.17% over the last 24 hours.

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Image by TradingView

On the hourly chart, the rate of BTC is trading near the local resistance of $51,147. If the daily bar closes near it or even above, there is a chance of a breakout followed by a move to the $51,500 area.

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Image by TradingView

On the bigger time frame, one should pay attention to the daily candle closure in terms of the support level at $50,611. If the closure happens far from that mark, one can expect a local bounce back to the $51,500-$52,000 zone soon.

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Image by TradingView

From the midterm point of view, neither bulls nor bears have seized the initiative. In this case, any sharp moves are unlikely to happen soon.

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All in all, consolidation in the range of $50,000-$52,000 is the more likely scenario for the next weeks.

Bitcoin is trading at $51,123 at press time.

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