Bitcoin (BTCUSD) Price Forecast: February 28
The BTCUSD pair at the moment is experiencing a massive inflow from the bulls and holds above the $55000 supply mark. The crypto is going super bullish as we can see the prices trending up to the upper resistance zone. The coin is trying hard not to fall by resisting sellers, with the look of things; additional efforts by the bulls may accelerate the largest cryptocurrency’s price to a $60000 higher trend line which indeed will be a potential recovery for the whole crypto market and the best crypto signal for the coin holders.
Key Levels:
Resistance Levels: $55000.00 $56000.00, $57000.00
Support Levels: $41000.00, $40000.00, $39000.00
BTC (USD) Long-term Trend: Bullish (Daily Chart)
BTCUSD remains bullish on the higher time frames. The coin price now holds above the $55000 supply level which is above the moving average lines indicating an uptrend.
However, the previous action at the $24386.50 high level in the past few days has sustained the coin price to remain above the trend line in its recent high.
Earlier today, the Bitcoin price skyrocketed its way up and holds above the $55000 supply mark at the upper channel of the trend, indicating a strong bullish trend. This indicates that the traders are actively buying at this level.
Thus, a possible leap from the mentioned supply will accelerate the buying momentum and push the prices of BTCUSD higher to hit the key resistance level at the upper channel bolstering buyers for a sustainable rally.
However, there is a possibility of a further increase in the price of Bitcoin, if the buy traders should increase their price actions and all the current support level holds, a psychologically key level at the $60000 supply level might be reached soon, as it holds above the supply levels in its long-term time frame.
BTC (USD) Medium-term Trend: Bullish (4H Chart)
The coin also holds above the $55000 supply mark in the medium-term outlook. This is due to the high impact of long-term traders on the price flow. The persistent bullish pressure to the $54573 high level in the previous action has led to the coin’s recent high.
At the time of writing, the BTCUSD price now holds above the resistance level at $55996.89 as the daily chart resumes today. Thus if this bullish growth pattern is steady, an established uptrend will be achieved for future growth.
Additionally, the pair is pointing up on the daily signal at around level 79%: this indicates that the market selling pressure has ended. We now expect the price distribution to reach a high level of $60000 soon in its medium-term time frame.
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