Bitcoin Price Analysis - February 2

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BTCUSD Medium-term Trend: Bullish

Resistance: $10,000, $9,500, $9,000

Support: $7,500, $8, 000, $8,500

Yesterday, bitcoin price was above $10,000 and analysts were of the opinion that the price may not be sustained because the bears are still in control and some government bodies want to regulate crypto currency markets. . The 50-day moving average (MA) and 20-day moving average are still heading northward. The 20-day moving average has a stronger bullish move; whereas the RSI indicator shows that price has reached the overboght condition.

Today, bitcoin has fallen below $9,000.The fall of bitcoin was as a result of Thursday's volatility. Nevertheless, reports have it that Indian Finance minister’s budget speech on crypto regulation fast tracked the losses on bitcoin. However, the support levels of $7,500, $8,000, $8,500 may be breached.

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BTCUSD Short-term Trend: Bullish

Bitcoin gains of yesterday have been erased. Its price has fallen to a record of $8,932.89 as at today. At the 1-hour chart, the appearance of a pin bar candlestick has made the price to retrace from the low to have partial gains and later went back to the direction of the market. The moving averages are moving northwards. The market  maintain its bullish outlook.