Cryptocurrency

Bitcoin

Coin

<ul>
 <li>The daily chart reveals an expanding megaphone pattern, indicating a potential short-term retracement as the upper resistance looms.</li>
 <li><a href="https://www.coingabbar.com/en/crypto-currency/bitcoin-btc-prices-usd" title="Bitcoin" class="f-link" rel="noopener noreferrer nofollow">Bitcoin</a> encountered resistance at $53,000, leading to a loss of momentum.</li>
 <li>Short-term BTC price action is tightly consolidated within a narrow range.</li>
 <li>Bulls and bears are locked in a struggle to surpass resistance or breach lower support levels.</li>
 <li>On the 4-hour chart, a Bearish pattern emerges with reduced market noise and evident selling interest.</li>
 <li>The descending trend in the RSI indicates weakening bullish strength and momentum in the rally.</li>
 <li>Failure to breach $53,000 could result in a correction towards the $50,000 to $48,000 range, close to the 61.80% Fibonacci retracement levels.</li>
 <li>As per <a href="https://www.coingabbar.com/en/price-analysis" title="Coin Gabbar analysis" class="f-link" rel="noopener noreferrer nofollow">Coin Gabbar analysis</a>, #Bitcoin Price Prediction 2030 would be $200,000, while Bitcoin Price Prediction 2040 is around $500,000.</li>
</ul>
KEY LEVELS :
RESISTANCE LEVEL : $52,200-$53,000
SUPPORT LEVEL : $51,200-$50,400
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

Bitcoin Price Prediction: Is a Correction Imminent in Market

Coingabbar

Other articles published on Feb 17, 2024

Binance Futures Launches Challenge: Win a Tesla Model Y and Bitcoin Vouchers

Bitcoin Whales Accumulate Billions in BTC in 2024

DAOs Have an Early-Adopter Problem—But It Can Be Solved

Worldcoin surges 76% in 7 days, triggers mysterious whale profits

Circle and Coinbase call for stricter oversight of Tether amid allegations

DAI Flips Bitcoin Cash; Is SHIB Next as Traders Eye New Memes?

Join our free newsletter for daily crypto updates!