Bitcoin (BTC) Long-term Price Analysis – February 24

  • The bulls are seemingly not strong in the market, as every indicator appears to point out their weakness.
  • Given BTC’s current range, the market could have a breakout or breakdown out of its range, potentially defining a clear range it may maintain.

BTCUSD Long-term Trend – Ranging

  • Distribution territories: $4,500, $5,000, $5,500
  • Accumulation territories: $2,500, $2,000, $1,500

Bitcoin’s price has seen a short spike within the range it’s been trading on this week. The spike has seen the cryptocurrency consolidate around the $4,000 mark. Its SMAs are located within the $4,000 and $3,500 marks.

Bitcoin, BTCUSDBitcoin Chart by TradingView

It’s apparent the cryptocurrency’s well-defined range is bordered at the $4,000 and $3,500 marks. The Stochastic Oscillators moved into the overbought zone, to consolidate within it. This means BTC’s current movements have the tendency to keep on ranging for the next few trading sessions.

The bulls are seemingly not strong in the market, as every indicator appears to point out their weakness. Given BTC’s current range, the market could have a breakout or breakdown out of its range, potentially defining a clear range it may maintain.

A reversal may occur if the cryptocurrency’s price suddenly breaks out of its range upwards. This could eventually allow the bears to start controlling the market again, however.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.