Bitcoin May Continue to Consolidate, While Chainlink Could Demonstrate Impressive Upward Momentum
With more than a 2.25% rise in the global crypto market capitalisation, most of the cryptos are surging with a decent margin. However, the Bitcoin price initiated a fresh bearish case & dropped below the levels, suggesting a strong presence of the bears at $43,000 resistance. This triggered a minor sell-off phase, which may get extended until the day’s close. Therefore, considering the current trade set-up, it indicates that the Bitcoin bulls could remain still for some time as the trader’s focus could witness a major shift.
What’s next for the Bitcoin price? Has the lower target of $40,000 been activated?
After closing up for the fifth month in a row, it appeared that the price was within the bullish range. However, a significant amount of liquidity appears to have been grabbed in most of the tokens, while double grabs on either side are recorded in Bitcoin. The latest upswing raised the possibility of a bullish breakout to reach $44,000 but after falling to hold the resistance at $43,100, a descending trend may follow soon.
February has historically been a bullish month for the BTC price, but the token may record certain losses as the trade heads towards the end of the month.
In the short term, the BTC price is testing crucial levels at the 200-day MA in the 4-hour chart at $42,910. Besides, the RSI has triggered a bearish divergence and is testing the lower support range. If the bulls fail to defend the support levels, then the price may face a fresh descending trend as it is testing the resistance of the descending triangle. In the event of a bearish pullback, the 50-day MA at $42,219 could offer a strong base to trigger a healthy rebound.
Hence, the Bitcoin price is believed to hover within these two levels for a while and help the bulls accumulate some strength. However, before reaching the apex of the triangle. The Bitcoin (BTC) price is believed to rise and soar above $43,500 during the last week of the month. With the halving event on the horizon, the price is speculated to gain momentum and maintain a healthy upswing ahead.
