End of the decline or bullish illusion? Bitcoin (BTC) rallies back to $44,000 and bolsters hopes for a sustained bullish recovery. The markets could however once again be shaken ahead of an eventual rally to levels near $50,000.
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Bitcoin above essential bullish support: confirm or invalidate the weekly close
Bitcoin price goes up above $44,500 on Bitfinex today, Feb 7, 2022. Bitcoin is trading at $44,091 at the time of writing, and is currently in a solid gain of 5.94%.
Bitcoin price is moving back above the 50-week exponential moving average which is currently around $43,310. Trader Rekt Capital points out that “it’s a excellent sign for bullish momentum, but in the end it all depends on the weekly close. “.
Bitcoin must indeed close the week above this average to confirm a probable end of the correction of the price of BTC.
Bitcoin price up and down predictions: first rejection at $44,000, before a conquest of $47,000
Crypto trader Ed shared a chart illustrating his predictions in his tweet today. On the one hand, he expects resistance around $44,000, taking the price of bitcoin down to the $39,000-$40,000 area, before a bounce allows bitcoin to rise. get back on the $50,000 path.
The second forecast scenario advanced by Crypto Ed is that resistance at $44,000 causes bitcoin price to fall to levels around $34,000or even less.
Although the downside risk is present, Crypto Ed believes that the bullish scenario outlined above is much more likely.
Whalemap analysts believe that “there are still some leeway up for $BTC”. The closest on-chain resistance would be, according to them, around $47,000 in view of “the accumulations of whales”.
Traders and investors still shouldn’t rule out the possibility of a bullish trap as optimism appears to be sweeping the markets. The upside continues for now to delight those who bought bitcoin’s lows well below $40,000, like this Republican senator who solidified his support for BTC.
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