Will the Bitcoin (BTC) price finally take a leap or succumb to the 90K call? The recent horizontal support of $96,000 might just be holding its breath for a grand entrance!
Ukraine’s peace dance: Can markets handle the two-step? 💃🕺
In the midst of global chaos, Ukraine’s peace prospects are looking up, with new US President Donald Trump waltzing into negotiations with Russian President Vladimir Putin. The European Union, however, is left sulking on the sidelines. If peace prevails, markets could be in for a wild, long-lasting jamboree until 2025. But, alas, uncertainty will likely return once deep economic and monetary issues rear their ugly heads once more.
For the Bitcoin price, this political pas de deux could be the perfect partner. If the 4-year cycle does its dance, the $BTC price would reach its peak around Q4 this year. But let’s not forget, there are no guarantees in this dance of dragons.
$BTC’s side shuffle: Market madness or method? 💃🕺
The recent depressed price action for Bitcoin is as natural as a conga line at a disco. The spike up to $109,000 needed to be absorbed, and the market is still working on it. The question remains: Will there be a further drop, or will the price pivot back to the upside?
Escaping the descending wedge: A delicate dance 🐲
On the 4-hour chart, the price has managed to pull out of the descending wedge, but low volume has kept the $BTC price meandering. The crucial horizontal support at $96,000 remains solid, and the Stochastic RSI has crossed up. If the price rises, $100,000 is the target for bulls, but they’ll need to break through the resistance first.
Weekly chart: Crucial levels and dances with dragons 🐲
On the weekly time frame, the most important horizontal support and resistance lines emerge. The current weekly candle is nestled perfectly between the $96,000 support and the $97,000 resistance. A close above $97,300 would signal a change in the local downtrend, while a close below $96,000 would keep the bears in control. And let’s not forget the Stochastic RSI at the bottom of the chart, which may be bottoming out. A cross up of the blue indicator line over the red could mean big upside price momentum is on its way.
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2025-02-17 14:18