The price of Bitcoin has risen less than 1% over the past 24 hours to near $21,700, still below the zone around $23,000 that had marked the largest digital asset’s trading range for weeks until a selloff last week.[0] Bitcoin is now at its lowest level since mid-January after paring gains from a rally that had seen prices jump 40% from the start of the year.[1]
Examining the 1-hour timeframe for Bitcoin, it is clear that the price is forming lower highs and is having difficulty pushing forward.[2] The price has been having difficulty surpassing the resistance of $21,900, which is evident at once.[2]
Analysts appear to have a long-term optimistic outlook on Bitcoin, yet the short-term is still unclear.[3]Although the cost of Bitcoin (BTC) decreased after an increase during the cryptocurrency market in January, the outlook on the cryptocurrency remains positive. The chart patterns are giving a signal to purchase, and some other indicators point to the fact that the original digital asset has left the bear market.[4]
At present, Bitcoin is trading at approximately $21,700 but is having trouble gaining traction in the shorter term.[2] For the last four days, it has been holding steady above the support level of $21,500, trying to rebound from this essential area.[2] In order for BTC to gain momentum, it must break past the primary resistance level of $22,400.[2] Let’s quickly examine the latest Bitcoin price prediction as of February 14th, 2023, to determine where the price is expected to go in the short term.[2]
At the moment, Bitcoin’s support is situated at $21,650 while the resistance is located at $21,800.[5] Conversely, Ethereum sank to its lowest level in a month.[6]The price has fluctuated between $1,400 and $1,500.[5] it has not yet acquired the strength to make a mid-term price recovery.[5]
It is expected that the US Federal Reserve will further decelerate their rate hikes, following the release of the core CPI expected to be at 5.5% for January, after printing 5.7% in December 2022.[7]
BTC reacted with a sudden price drop since the actual numbers for January were somewhat more than anticipated.[8]
0. “War ‘Just getting Started’—$1 Trillion Crypto Crash Sparks Serious Bitcoin And Ethereum Price Warning” Forbes, 14 Feb. 2023, https://www.forbes.com/sites/billybambrough/2023/02/14/war-is-just-getting-started-1-trillion-crypto-crash-sparks-serious-bitcoin-and-ethereum-price-warning/
1. “Bitcoin Barely Budges After CPI. But Cryptos Still Feel Regulatory Pressures.” Barron’s, 14 Feb. 2023, https://www.barrons.com/articles/bitcoin-ethereum-price-crypto-markets-today-26a69413
2. “Bitcoin Price Prediction Daily (14-Feb-2023) A Quick Look at the 1-hour Timeframe” Bitcoinsensus, 14 Feb. 2023, https://www.bitcoinsensus.com/bitcoin-price-prediction-daily-14-feb-2023-a-quick-look-at-the-1-hour-timeframe/
3. “MATIC, HBAR, LDO and BIT gather strength as Bitcoin price rebounds” Cointelegraph, 12 Feb. 2023, https://cointelegraph.com/news/matic-hbar-ldo-and-bit-gather-strength-as-bitcoin-price-rebounds
4. “Bitcoin monthly chart flashes buy signal; Is BTC exiting bear market?” Finbold – Finance in Bold, 9 Feb. 2023, https://finbold.com/bitcoin-monthly-chart-flashes-buy-signal-is-btc-exiting-bear-market
5. “Crypto Price Today: Bitcoin remains below $22,000; BNB, Solana & Polygon drop up to 6%” Business Today, 14 Feb. 2023, https://www.businesstoday.in/crypto/story/crypto-price-today-bitcoin-remains-below-22000-bnb-solana-polygon-drop-up-to-6-370125-2023-02-14
6. “Bitcoin Gets Butterflies Ahead Of Valentine’s Day Inflation Data” Benzinga, 14 Feb. 2023, https://www.benzinga.com/markets/cryptocurrency/23/02/30891929/bitcoin-ethereum-dogecoin-get-butterflies-ahead-of-valentines-day-inflation-data-analyst-w
7. “Bitcoin holders brace for impact as BTC correlation with stocks increases ahead of US CPI release” FXStreet, 14 Feb. 2023, https://www.fxstreet.com/cryptocurrencies/news/bitcoin-holders-brace-for-impact-as-btc-correlation-with-stocks-increases-ahead-of-us-cpi-release-202302140754
8. “Bitcoin Drops Toward $21.5K on 6.4% US CPI Numbers for January” CryptoPotato, 14 Feb. 2023, https://cryptopotato.com/bitcoin-drops-toward-21-5k-on-6-4-us-cpi-numbers-for-january/