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Bitcoin (BTC) broke out of the sideways trading channel on 2 February and headed towards (and past) the $38,000 mark as the bulls gathered. However, bears took over the market as BTC couldn’t break its recent high of $38,620. What’s next, and should you buy some BTC now?
Fundamental analysis: six-figure price predictions from various analysts based on on-chain data
The largest cryptocurrency by market capitalization managed to establish its position above the 23.6% Fib retracement level of $34,577 mark on Tuesday. This level confirmation created a great position for an upward price move. BTC then continued past the $38,000 mark, but failed to break the recent high of $38,620.
Bitcoin’s overall outlook is undeniably bullish. Its booming on-chain stats, as well as institutional interest, created an aura of positive short and long-term sentiment. Multiple analysts and analysis firms made six-figure price predictions for 2021.
BTC managed to post week-over-week gains of 14.37%, falling behind ETH‘s gain of 20.03%. At the time of writing, BTC is trading for $36,850, which represents a month-over-month price decrease of 5.59%. The largest cryptocurrency by market cap currently boasts a market value of $683.35 billion.
BTC/USD technical analysis: BTC fails to break $38,620, causing a pullback
The largest cryptocurrency by market cap was shifting between bearish and bullish, but was mostly slightly bearish after BTC reached an all-time high of $42,000. However, after creating a double bottom at the 38.2% Fib retracement level, (and the 50-day EMA) Bitcoin pushed towards the top side of the range, bound by the $34,577 level.
Recent price action happened as a result of BTC establishing its price above the 23.6% Fib retracement level, causing even more bulls to enter the market (which was confirmed by the increase in volume. However, the recent $38,620 level could not be passed, and BTC entered into a consolidation mode.
While Bitcoin’s short-term overview is not as bright as some other cryptos’, its long-term overview is underniably bullish.
BTC’s RSI on the daily time-frame has topped slightly above 60, and is slowly descending. Its current value is sitting at 59.21.
Bitcoin’s hourly time-frame better shows the influx of buyers that first took BTC above the 23.6% Fib retracement level, and then towards the $38,620 as well. BTC was supported by the 21-hour EMA along the way. Bitcoin’s price is currently testing the 50-hour EMA after dropping to around $36,500.
The post Is Bitcoin a good buy now? BTC pulls back as it fails to break $38,6k appeared first on Invezz.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.