{"id":7653,"date":"2022-02-12T03:58:00","date_gmt":"2022-02-12T03:58:00","guid":{"rendered":"http:\/\/egrowonline.com\/?p=7653"},"modified":"2022-02-12T03:58:00","modified_gmt":"2022-02-12T03:58:00","slug":"analysts-say-bitcoin-price-is-in-the-profit-taking-zone-with-a-ceiling-at-45k","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=7653","title":{"rendered":"Analysts say Bitcoin price is in the \u2018profit-taking\u2019 zone with a ceiling at $45K"},"content":{"rendered":"


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The price action for Bitcoin (BTC<\/a>) continues to tantalize investors and once again, concerns over the state of the global economy and rising inflation have prompted warnings that the Fed’s upcoming interest rate hikes could do more damage then good to the state of the market.<\/p>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> shows that the price of BTC has hovered near the $43,000 support level in trading on Feb. 11 after rallying 20% from the $37,000 leve over the past week. <\/p>\n

BTC\/USDT 1-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Here\u2019s a look at what analysts expect next for BTC and the wider cryptocurrency market.<\/p>\n

\u201cExpecting a move to $40,000\u201d<\/h2>\n

Insight into the bullish and bearish scenarios related to Bitcoin price was offered by crypto trader and pseudonymous Twitter analyst \u2018Crypto_Ed_NL\u2019, who posted<\/a> the following chart outlining two possible BTC price trajectories. <\/p>\n

BTC\/USDT 4-hour chart. Source: Twitter<\/em><\/figcaption><\/figure>\n

Crypto_Ed_NL said, <\/p>\n

\u201cChecking my latest chart with the current situation. Nothing changed. Expecting a move towards $40,000. Bullish scenario indicates a bounce to $48,000. Bearish comes in play when we break $40,000.\u201d<\/p><\/blockquote>\n

A confluence of resistance levels for BTC<\/h2>\n

Bitcoin now finds itself trading in an increasingly tighter rage at these current levels in large part due to \u201cthe sharp $12,000 move off the lows\u201d of Feb. 4, according to a recent report from Delphi Digital, which noted that BTC is now \u201cheading into resistance on multiple timeframes.\u201d<\/p>\n

As the price action for BTC heads toward a confluence of daily, weekly and monthly resistance, Delphi Digital analysts suggest that \u201cmarket participants of all kinds will be looking at this as a potential price ceiling\u201d and that it represents \u201ca logical place to expect profit-taking\/risk reduction activity due to the confluence of resistance zones and the speed and magnitude of the move off recent lows.\u201d<\/p>\n

BTC\/USD 8-hour chart. Source: Delphi Digital<\/em><\/figcaption><\/figure>\n

As for the key areas to keep an eye on moving forward, Delphi Digital highlighted a significant amount of support for BTC in the $40,000 to $41,000 range with the next level of support below that at $38,500. <\/p>\n

When it comes to the possibility of a move higher for BTC, Delphi Digital listed the zone from $46,000 to $48,000 as a heavy resistance area. <\/p>\n

The report noted that, <\/p>\n

\u201cThis is the daily, weekly and monthly supply zones that will likely be a heavy level of resistance. Above this level and we likely see a squeeze towards $50,000.\u201d<\/p><\/blockquote>\n

On a positive note, Delphi Digital also highlighted the recent uptick in institutional flows over the past couple of weeks \u201cas the market started to stage a comeback.\u201d <\/p>\n

Monthly fund flows for select digital asset investment product groups. Source: Delphi Digital<\/em><\/figcaption><\/figure>\n

According to Delphi Digital, Grayscale is the biggest player in the institutional game with \u201croughly 65% of Institutional AUM,\u201d but there are signs emerging that sentiment is beginning to shift. <\/p>\n

Delphi Digital said, <\/p>\n

\u201cExcluding BTC and ETH, Binance Coin (BNB), and BNB-based products, have continued to attract the most AUM, but institutional sentiment is starting to favor alternative names like SOL.\u201d<\/p><\/blockquote>\n

Related: <\/em><\/strong>Bitcoin stuck in a tight range as BTC price moving averages prepare key bullish cross<\/em><\/strong><\/a><\/p>\n

Bulls could exploit this classic trading pattern<\/h2>\n

A final bullish perspective for BTC moving forward was offered by crypto analyst and pseudonymous Twitter user \u2018IamCryptoWolf\u2019, who posted<\/a> the following chart outlining one possible Bitcoin price trajectory.<\/p>\n

BTC\/USD 1-day chart. Source: Twitter<\/em><\/figcaption><\/figure>\n

IamCryptoWolf said, <\/p>\n

\u201cEveryone calling for $46,000, what if $50K –> $46K –> $60K, printing an inverse head and shoulders?\u201d<\/p><\/blockquote>\n

The overall cryptocurrency market cap now stands at $1.97 trillion and Bitcoin\u2019s dominance rate is 41.9%.<\/p>\n

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The price action for Bitcoin (BTC) continues to tantalize investors and once again, concerns over the state of the global economy and rising inflation have prompted warnings that the Fed’s upcoming interest rate hikes could do more damage then good to the state of the market. Data from Cointelegraph Markets Pro and TradingView shows that […]<\/p>\n","protected":false},"author":1,"featured_media":7654,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[3029,237,50,4959,195,4958,1141],"class_list":["post-7653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-45k","tag-analysts","tag-bitcoin","tag-ceiling","tag-price","tag-profittaking","tag-zone"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/02\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDIvNzZkMTAxZWItZmVjOC00NDFhLTg2ZWYtMzdiNGE2ZGQ0NGZiLmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/7653","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7653"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/7653\/revisions"}],"predecessor-version":[{"id":7655,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/7653\/revisions\/7655"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/7654"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7653"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}