Near Term Support & Resistance for Bitcoin Prices

After rallying strongly off of its February 6th low around $6000, Bitcoin’s 15-day rally fizzled this week, failing at the same $12,000 level as it did in late January. The flagship digital currency is now trading around $10,000, down about 29% YTD.

We believe that prices should stay range-bound for the next several sessions with minimal downside risks for new entrants as the one-month BTC chart (below) shows significant support around the $8200 level.

bitcoin-price-support-resistance

Given the improving narrative around Bitcoin and the recovering appetite for risk globally, we believe the first week of March and the associated new month fund flows will send prices through $12,000 potentially kicking off the next cryptocurrency market breakout…
If you’ve been waiting for the right moment to allocate to opportunities in the sector, we suggest buying Bitcoin at these depressed levels before the start of the new month.

Join us as we follow trends in and invest in Bitcoin, Ethereum, Litecoin and other digital currencies.
-The Blockchain Momentum Team