2024

Bitcoin

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   Feb 06, 2024 at 13:42 // Price
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   <div class="avatar" style="background-image:url(/upload/resize_cache/iblock/42a/60_60_1/42aa5ec847dba7f5a2bce5378ae70614.png)"></div> <span>Author<br>Coin Idol </span>
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 </div> <img class="page-news__main-pic lazy-load-detail-picture" src="https://coinidol.comdata:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAQAAAC1HAwCAAAAC0lEQVR42mNkYAAAAAYAAjCB0C8AAAAASUVORK5CYII=" data-lazy-src="https://coinidol.com/upload/resize_cache/iblock/c1c/900_900_1/jvcyy5fyrd9liqeyvxd6eev6n1n1y02f.jpg" width="900" height="563" alt="The small-scale indecisive candlesticks are slowing down the price movement" title="">
 <p><strong>Bitcoin (BTC) price is trading above the moving average lines and support at $42,550.</strong></p>
 <h2 style="text-align: justify;" id="bitcoin-price-long-term-forecast-bullish">Bitcoin price long-term forecast: Bullish</h2>
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 <p style="text-align: justify;">The largest cryptocurrency is trading slightly above its current support. Doji candlesticks have returned above the moving average lines. The BTC price is fluctuating slightly above and below the 50-day moving average line. On January 29, the BTC price broke through the moving average lines but was unable to maintain its positive momentum.</p>
 <p style="text-align: justify;">The cryptocurrency has recovered above the 21-day SMA support and resumed consolidation. Bitcoin will resume its positive trend if buyers keep the price above the upper resistance of $44,000 and the upside momentum continues. The cryptocurrency will test its previous high of $47,000. On the downside, buyers are defending the 21-day SMA or support at $42,550. If this support is breached, Bitcoin will fall below the psychological price of $40,000.00.</p>
 <h2 style="text-align: justify;" id="bitcoin-indicator-reading">Bitcoin indicator reading</h2>
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 <p style="text-align: justify;">The price of BTC is stagnating above the 21-day SMA and fluctuating below and above the 50-day SMA. The return of the Doji candlesticks has caused the price action to remain steady. Bitcoin is likely to fluctuate for a few more days as it remains above the 21-day SMA support. The small-scale indecisive candlesticks are slowing down the price movement.</p>
 <p style="text-align: justify;"><img width="1024" alt="BTCUSD (Daily Chart) –FEB.06.24.jpg" src="https://cdn.thebittimes.com/images/2024/02/07/5e4f6b668e272ddbfa1c1a837252ab98.webp" height="551" title="BTCUSD (Daily Chart) –FEB.06.24.jpg"><br></p>
 <h3 style="text-align: justify;" id="technical-indicators">Technical indicators:</h3>
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 <p style="text-align: justify;"><b>Key resistance levels – $35,000 and $40,000 </b></p>
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 <p style="text-align: justify;"><b> Key support levels – $30,000 and $25,000</b></p>
 <h2 style="text-align: justify;" id="what-is-the-next-direction-for-btc-usd">What is the next direction for BTC/USD?</h2>
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 <p style="text-align: justify;">With the formation of doji candlesticks, Bitcoin has started to consolidate above its current support level of $42,550. On the 4-hour chart, Bitcoin is consolidating in a narrow range of $42,300 to $43,600. The dominance of the candlesticks indicates traders' disinterest in the direction of the market.</p>
 <p style="text-align: justify;"><img width="1024" alt="BTCUSD__(4-hour Chart) – FEB..06.24.jpg" src="https://cdn.thebittimes.com/images/2024/02/07/0333917b72550b9a2485f00a901d82f7.webp" height="551" title="BTCUSD__(4-hour Chart) – FEB..06.24.jpg"><br></p>
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 <p style="text-align: justify;"><i><span style="color: #a0a0a0;">Disclaimer. This <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.</span></i></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-remains-above-42-550-due-to-trader-disinterest-tbt79076.html">https://thebittimes.com/bitcoin-remains-above-42-550-due-to-trader-disinterest-tbt79076.html</a></p>

Bitcoin Remains Above $42,550 Due To Trader Disinterest

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