BTC/USD are traded at 37440 and continue to move as part of the growth and the ascending channel. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $700,399,735,835. Moving averages indicate a short-term bullish trend for Bitcoin. Prices went up from the area between the signal lines, which indicates pressure from buyers of “Digital Gold” and a potential continuation of the growth of the asset value from the current levels. As part of the cryptocurrency rate forecast for tomorrow, February 5, 2021, we should expect an attempt to develop a correction in the value of a digital asset and a test of the support level near the 35640 area. Where should we again expect a rebound and an attempt to increase the Bitcoin rate with a target above the 42305 area.
Bitcoin Forecast and Analysis BTC/USD February 5, 2021
An additional signal in favor of raising the BTC/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the option to raise the rate and value of Bitcoin will be a fall in the value of the asset and a breakdown of the 33405 area. This will indicate a breakdown of the support area and a continued decline in the Bitcoin exchange rate with a potential target at 29965. With the breakdown of the resistance area and closing of cryptocurrency quotes above 39705.
Bitcoin Forecast and Analysis BTC/USD February 5, 2021 suggests an attempt to test the support level near the 35640 area. And further, the cryptocurrency will continue to grow with a potential target at 42305. An additional signal in favor of the Bitcoin rate rise will be a test of the support line on the relative strength index (RSI). Cancellation of the cryptocurrency growth option will be a fall and a breakdown of the 33405 area. This will indicate a continued decline with a potential target below the 29965 area.