Bitcoin (BTC) Price Prediction – February 20
Bitcoin (BTC) is currently moving above the $57,000 level for the first time in the history of the coin.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $63,000, $65,000, $67,000
Support Levels: $51,000, $49,000, $47,000
BTC/USD is currently trading above $57,000 as the coin touches a peak of $57,105 today. However, the Bitcoin price seems to be in the mood of showing a strong price increase as the coin is trading well above the 9-day and 21-day moving averages with the gains of 2%.
Where is the Bitcoin Price Going Next?
Now, it is necessary to bear in mind that Bitcoin is growing bullishly this year and looks very good in the medium to long term. However, we can only find another bull run if the Bitcoin price manages to break the important resistances. The thing with BTC/USD price is that it has been able to break the most important resistance level of $50,000 as this has given the opportunity to reach higher resistance levels.
However, as the technical indicator RSI (14) moves within the overbought region, the Bitcoin price may need to crack the $60,000 mark and need to stay above this resistance level consistently so that it can touch the golden resistance levels at $63,000, $65,000, and $67,000. Therefore, any bearish movement below the 9-day moving average may likely bring back the Bitcoin price to the supports at $51,000, 49,000, and $47,000 respectively.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
On the 4-hour chart, a retest of $55,000 gives the impression that the bulls are not yet done. The Bitcoin price rises to fill a significant gap as the bulls remained in control which may take the coin towards the $60,000. In a short time, BTC/USD may hit $58,000 if the bullish pressure continues. Otherwise, the price may revisit the supports of $54,000 and below.
On the upside, a bullish move may continue to meet resistance at around $59,000 and above. As of now, the 4-hour RSI (14) is moving within the overbought region, this could mean that the king coin is looking for another close resistance.