Bitcoin Price Outlook for February

Bitcoin Price Outlook for February

February has been a rollercoaster ride for cryptocurrency traders, with market volatility leading to high levels of price uncertainty. Following a strong start to the month, bitcoin prices have since plunged, resulting in a current bear run. However, with just over two weeks left of this short month, what else could be in store for speculators? Current Market Status

Bitcoin has mostly traded higher this year, boosted by lower levels of inflation, which has in turn prompted the Federal Reserve to hike rates at a slower pace.

Since starting the year trading at a high of $16,621, the world’s largest cryptocurrency by market capitalization added as much as $8,000 to its value, in a four-week period.

However, last week’s rate hike which was a 25 basis point move, was followed up by a significant increase in non-farm payrolls, which confused markets.

Payrolls came in at 517,000 vs expectations of 185,000, leading to many questioning the Fed’s view that we are in a disinflationary cycle.

With macro elements confusing investors, the crypto industry saw more bearish sentiment when the U.S. Securities and Exchange Commission (SEC) cracked down on staking services, adding to the already dismal situation.

Following this, markets have mostly moved lower, with previous bulls consolidating gains from earlier in the month. February Outlook

As of writing this, BTC/USD is currently trading at $21,690.20, which is its lowest point since January 20.

Looking at the chart, BTC has extended a breakout of a key price floor at $22,500 and seems to be moving towards lower support at $21,200. BTC/USD – Daily Chart

In addition to this, the 10-day (red) moving average has firmly shifted course and is now nearing a downward cross, with its 25-day (blue) counterpart.

As a result of this downward shift, the 14-day relative strength index now sits at a one-month low at 45.60, and is now nearing the oversold region.

There is a strong possibility that BTC/USD will collide with a floor at $21,200, however, should this point hold, bulls will likely use this as an opportunity to make another run toward the $25,000 mark. Tags in this story Analysis, Bitcoin, BTC, Cryptocurrency, forecast, Market Update, Technical Analysis

Will bulls reject a breakout below $21,200 this month? Let us know your thoughts in the comments. Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Biggest Movers: SOL, ADA Plunge, as Market Momentum Turns Bearish MARKET UPDATES | 7 hours ago Bitcoin, Ethereum Technical Analysis: BTC, ETH Hit Multi-Week Low, as Sell-off Worsens MARKET UPDATES | 10 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleThree Arrows Capital Co-Founder Announces New Crypto Venture Open Exchange Amid Bankruptcy Controversy Next articleKraken CEO Calls on Congress to Protect US Crypto Industry Following Settlement With SEC Over Staking Program Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards

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