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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Bitcoin’s Bullish Case Hinges On $94,645 Support: Will Buyers Step In?

Semilore Faleti
Semilore Faleti
2 months ago
2 mins read
Bitcoin

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Este artículo también está disponible en español.

The Bitcoin market continued to struggle in February marked by a high level of investor uncertainty. Over the last trading week, BTC declined by 2.24%, bringing its total value loss over the past 30 days to around 8.59%. Amidst this indecisive market, digital asset analysis X page More Crypto Online has shared some valuable insights on potential short-term price movements.

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2 months ago

Bitcoin Fails To Move Above Feb. 14 High — Market Bulls In Trouble?

In an X post on February 21, More Crypto Online provided an interesting outlook on the Bitcoin market structure. In the past week, the premier cryptocurrency notably experienced some rise price gains leading to a temporal rise above the $99,000 region, before crashing to its present market price of around $95,000.

Following this price action, the experts at More Crypto Online postulate that Bitcoin might have formed a local price top which shows some correlation with recent developments in the stock market. This theory holds more weight, especially considering BTC’s inability to hold above the February 14 market high of $97,800.

Bitcoin
Source: @Morecryptoonl on X


However, using Elliot Wave Theory, these analysts explain two scenarios that could confirm the actual status of the Bitcoin market. Firstly, they propose that BTC could likely be in a corrective Wave 2 movement i.e. a mere retracement after its initial upswing (Wave 1) that precedes a strong bull rally (Wave 3).

For this bullish prediction to remain viable, Bitcoin must hold above the $94,645 support level. If a considerable amount of buying pressure can be introduced at this price zone forcing a consolidation, the cryptocurrency could be set for a price surge to around $103,000.  Conversely, if Bitcoin breaks below $94,645, selling pressure is likely to intensify, leading to further price drops.

However, only a price fall below the $93,450 support zone would nullify the current bullish set-up, indicating the current downtrend is a trend reversal rather than a retracement. In this negative case, Bitcoin could slide to $91,000 with the potential for further decline to below $89,000.

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BTC Market Overview

At press time, Bitcoin trades at $96,261 following a 1.78% loss in the past 24 hours. However, the market’s daily trading volume is up by 56.60% and is valued at $49.03 billion.

According to data from Coincodex, the Fear & Greed Index is currently at 49 indicating a neutral sentiment from investors. This development corresponds with the general uncertainty as investors are in a wait-and-see phase as they are unsure about Bitcoin’s next price move.

Interestingly, CoinCodex analysts remain optimistic with a bullish prediction of $108,429 in five days and $131,693 in the next month.

Bitcoin
BTC trading at $96,249 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Featured image from The Guardian, chart from Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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