Bitcoin (BTC) Price Analysis for February 8

Thu, 8/02/2024 – 18:00

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The growth continues on the cryptocurrency market, according to CoinStats.


BTC chart by CoinStats


The rate of Bitcoin (BTC) has increased by almost 5% over the last 24 hours.

Image by TradingView

On the hourly chart, the price of BTC keeps setting new local peaks. Currently, one should pay attention to the daily bar closure in terms of the $44,873 level. 

If it happens above that mark, the rise is likely to continue to the $46,000 area.

Image by TradingView

On the bigger time frame, the rate of BTC is growing after a breakout of the $44,000 zone. If the current candle closes with no long wick, the accumulated energy might be enough for a test of the nearest resistance level of $46,516.

Image by TradingView

From the midterm point of view, traders should pay attention to the weekly bar closure. If it happens near the interim level of $46,000, there is a chance to see a test of the $48,000 range by the end of the month.

Bitcoin is trading at $45,361 at press time.


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