Bitcoin (BTCUSD) Price Forecast: February 17
Bitcoin has once again breached the $52000 mark following the recent surge, setting the stage for a bullish rally across the crypto market. The coin now trades strongly above the $ the$52366 supply mark while facing high bull demand. In case the bulls’ pressure breaks up the current resistance level of $52545, the coin price may increase further to a $55000 high trend line which indeed will be a turnaround and also suggest the best crypto signal for the coin holders.
Key Levels:
Resistance Levels: $51000.00 $52000.00, $53000.00
Support Levels: $43000.00, $42000.00, $41000.00
BTC (USD) Long-term Trend: Bullish (Daily Chart)
BTCUSD remains bullish and trades strongly above the supply trend levels in the higher time frames. This is clear as we can see the prices trading at the upper resistance area above the moving average lines indicating an uptrend.
The largest cryptocurrency has been making a high and high low in the past few days, this has enabled the price to remain and trade strongly above the supply level in recent times.
At the time of writing, Bitcoin is losing bearish momentum as it rises to a $52545 high level above the moving averages as the daily chart begins today. This is due to a high bullish impact on the market price. A strong breakup above the current resistance point would strengthen the bullish pressure, capturing the attention of investors worldwide.
Adding to that, the uptick trend might continue as suggested by the daily stochastic pointing upwards. As a result, the BTCUSD pair may likely reach the $55000 resistance level soon as it trades strongly above the supply trend lines in its higher time frame.
BTC (USD) Medium-term Trend: Bullish (4H Chart)
The Bitcoin market also trades strongly above the supply mark on the medium-term chart. The largest crypto is witnessing a remarkable uptrend due to high demand by the bulls.
The coin has been having an interference with the long traders which made it possible for it to maintain the upward strength in its recent high.
Today, the BTCUSD price is trading strongly above the supply level at a $52526 level as a result of high demand by the bulls. This will energize buyers to add more prerequisites to their buying forces in the market as this will help the global market entirely.
Additionally, the coin may remain in the same direction by trading strongly above the supply levels as indicated by the daily signal. This may push the crypto price to a high at $55000 level soon in its medium-term outlook.
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