Bitcoin Technical Analysis Report | 12th-February-2024


Bitcoin’s recent rally has encountered a formidable obstacle at the $48,970 resistance level, setting the stage for a fierce battle between bullish and bearish forces. The broader market landscape reflects a bullish fervour, with risky assets experiencing a sustained uptrend. The S&P 500 Index, for instance, has notched five consecutive weeks of gains, mirroring Bitcoin’s robust performance which surged over 13% this week alone, signalling aggressive buying activity among investors. The total assets under management for these ETFs have skyrocketed to $10 billion, reflecting growing confidence in Bitcoin’s investment potential.

At the time of writing BTC was trading at $48,216.

Bitcoin Monday Daily Chart-12th Feb 2024
Bitcoin (BTC) Chart

After giving a breakout above the key resistance of $28,500, Bitcoin witnessed a sharp rally and the prices surged almost by 71.5% and made the high of $48,969. The asset failed to give a daily closing above the key resistance of $48,000 and saw some profit booking  and the prices dropped to $38,555. Post this move BTC made a ‘hammer’ candle and started moving up by forming a ‘Higher Higher Higher Low’ pattern up to $48,826. However, the bulls are struggling to break the recent high of $48,969. If BTC holds and sustains above $48,000 and breaks the recent high then it may further surge up to $52,000.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2.

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