After an exhilarating ride over the past two weeks, Bitcoin (BTC) seems to be looking for a nice, cozy blanket and a good nap, trading between $9,730 and $9,800 on February 7. The weekly high of $9,910 is still strutting around like a stubborn bouncer at a club, refusing entry to prices climbing higher.
Current Trends and Support Levels
It’s interesting to note that the magical number $9,730 has been acting as a comfort zone for our digital friend. If Bitcoin takes a nosedive below this line, be prepared for a dip closer to the Bollinger Band moving average at $9,450. Should the rollercoaster continue south, we might bounce at the 50-day moving average around $9,350—because who doesn’t love a solid plan on a Friday night?
Consolidation: The Calm Before the Storm?
If Bitcoin is indeed entering the realm of consolidation, think of it as hitting the pause button. The cryptocurrency might revisit its lower support of $9,472, echoing its past performance as it elegantly transitioned from $7,300 in a stair-stepping fashion. Just like taking the stairs instead of the elevator, it’s all about the journey, my friends!
The Volume Profile and Predictions
A closer look at the volume profile visible range (VPVR) reveals a high volume node nestled at $9,472, suggesting a bounce-back if Bitcoin decides to frolic down that path. The magic doesn’t stop there—it’s also backed up by the 50-MA at $9,350. It’s like having the right friends to help you up after a fall!
Market Sentiments: What the Experts Are Saying
On February 7, cryptocurrency aficionado Michaël van de Poppe hinted on social media that Bitcoin might be peaking temporarily. Citing a potential sideways range, he expressed hopes for long entries ranging from $8,750 to $9,000. To clarify: “Doubt we’ll get it… but if we break through, I’m eyeing $10,400-10,900.” Sounds like a solid weekend plan, right?
Bullish Signals Amid Market Whispers
Even as Bitcoin takes a breather, the relative strength index (RSI) has pulled back from the coveted 70 mark (a typical overbought territory). Historically, this level has led to retractions; think of it as a warning sign for party guests wanting to leave without causing too much ruckus.
In the meantime, the traditional traders are likely celebrating since the weekly Moving Average Convergence Divergence (MACD) remains in a bullish cross—a scarce, yet thrilling setup pointing towards a potential bull trend.
The broader cryptocurrency market cap currently showcases a robust $278.1 billion, with Bitcoin holding a dominant role at 63.8%. While the altcoins are mostly taking a breather, a few notable players have shown some pep in their step: Bitcoin SV (BSV) gained 14.21%, Dash (DASH) climbed 6.29%, and Dogecoin (DOGE) wagged tails with a 7.56% gain.
