• About
  • Advertise
  • Contact
Cryptopolitan
  • Home
  • News
    • All
    • Altcoin News
    • Binance News
    • Bitcoin Cash News
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • ChainLink News
    • Cyber Security News
    • Dogecoin News
    • EOS News
    • Ethereum News
    • Exchange News
    • Industry News
    • Litecoin News
    • Monero News
    • Polkadot News
    • Regulation News
    • Research News
    • Ripple News
    • Scam News
    • Token Sale
    • Tron News
    How ethbox Could be the Future of OTC Trading 1

    How ethbox Could be the Future of OTC Trading

    FATF

    FATF to update its guidelines on stablecoins and virtual asset service providers

    Cardano's founder launches RATS pool for ADA staking

    Cardano’s founder launches RATS pool for ADA staking

    Anchorage prepares for institutions with $80 million Series C

    Anchorage prepares for institutions with $80 million Series C

    Falling GBTC premium

    Falling GBTC premium may cause investors to dump BTC – Peter Schiff

    Dubai fund to trade $170 million Bitcoin for Polkadot and Cardano

    Dubai fund to trade $750 million Bitcoin for Polkadot and Cardano

    Bitcoin price

    Bitcoin price slumps below $45,000

    Robinhood Crypto records 6 million customers in 2021

    Robinhood Crypto records 6 million customers in 2021

    Cryptocurrency investment

    Cryptocurrency investment in Australia is high, survey

    Trending Tags

    • Fintech
    • Bitcoin Industry
    • Stock Market
    • Digital Currency
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
    • Sushi Price
    • Uniswap Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
  • Home
  • News
    • All
    • Altcoin News
    • Binance News
    • Bitcoin Cash News
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • ChainLink News
    • Cyber Security News
    • Dogecoin News
    • EOS News
    • Ethereum News
    • Exchange News
    • Industry News
    • Litecoin News
    • Monero News
    • Polkadot News
    • Regulation News
    • Research News
    • Ripple News
    • Scam News
    • Token Sale
    • Tron News
    How ethbox Could be the Future of OTC Trading 2

    How ethbox Could be the Future of OTC Trading

    FATF

    FATF to update its guidelines on stablecoins and virtual asset service providers

    Cardano's founder launches RATS pool for ADA staking

    Cardano’s founder launches RATS pool for ADA staking

    Anchorage prepares for institutions with $80 million Series C

    Anchorage prepares for institutions with $80 million Series C

    Falling GBTC premium

    Falling GBTC premium may cause investors to dump BTC – Peter Schiff

    Dubai fund to trade $170 million Bitcoin for Polkadot and Cardano

    Dubai fund to trade $750 million Bitcoin for Polkadot and Cardano

    Bitcoin price

    Bitcoin price slumps below $45,000

    Robinhood Crypto records 6 million customers in 2021

    Robinhood Crypto records 6 million customers in 2021

    Cryptocurrency investment

    Cryptocurrency investment in Australia is high, survey

    Trending Tags

    • Fintech
    • Bitcoin Industry
    • Stock Market
    • Digital Currency
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
    • Sushi Price
    • Uniswap Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
No Result
View All Result
Home News Bitcoin News

Bitcoin price prediction: BTC testing the $40,000 resistance, rejection to follow?

Egils Lapins by Egils Lapins
February 6, 2021
in Bitcoin News
4 min read
Bitcoin price prediction
585
SHARES
3.2k
VIEWS
Share on FacebookShare on Twitter

TL;DR Breakdown

  • BTC trades just under $40,000 resistance.
  • Closest minor support at $38,000.
  • BTC`s next resistance at the $42 all-time high.

Today`s Bitcoin price prediction is neutral as the market has extended itself too far from the previous major swing low of $32,500.

Bitcoin price prediction: BTC testing the $40,000 resistance, rejection to follow? 3
Cryptocurrency heat map by Coin360

Most of the market continues trading in the green for the past 24 hours. Bitcoin has continued to push the overall market higher. MKR and BNB are the top major Altcoin performers, while DOT and LINK are still preparing for another push higher.

RelatedPosts

Falling GBTC premium may cause investors to dump BTC – Peter Schiff

Dubai fund to trade $750 million Bitcoin for Polkadot and Cardano

Bitcoin price slumps below $45,000

Bitcoin Security: MIT’s long term project backed by crypto authorities

Bitcoin price prediction: BTC testing the $40,000 resistance, rejection to follow?

In our previous Bitcoin price prediction, we mentioned how Bitcoin is targeting the $42,000 all-time high. First, Bitcoin has to break above the previous resistance of $40,000. Currently, Bitcoin trades just below the price mark. Therefore, we could see Bitcoin reversing once again and setting a higher low before making a move to break the all-time high.

Bitcoin price movement in the last 24 hours

Over the last 24 hours, Bitcoin has traded with a volume of almost $71 billion. A range of $37,254 – $39,768 indicates a decent amount of volatility in the market. After several hours below the $38,000 resistance, Bitcoin broke higher and reached the next resistance at $40,000.

Bitcoin price prediction 06.02.2021.
BTC/USD 4-hour chart, Source: TradingView

BTC/USD 4-hour chart – Bitcoin has gained over 20 percent from the previous swing low

Looking at the 4-hour chart for BTC/USD, we can see that another higher high has been set, indicating bitcoin`s bullish momentum. This was a result after Bitcoin spent several days consolidating around the $32,500 – $34,500 area. 

From there on, Bitcoin gained strength to move higher to test the previous high at $38,664. After a small rejection on the 4th of February, Bitcoin did consolidate for most of Friday. However, overnight, Bitcoin managed to attempt another push higher. It was successful as the price rapidly reached the $40,000 resistance.

Considering that BTC/USD has already moved by more than 20 percent without a clear retracement, the analyst expects Bitcoin to reject further upside for now. The market needs another higher swing low set before it can prepare to move towards the all-time high.

Bitcoin could find the area of support around the previous resistance of $34,500. This would mean a relatively large retracement. However, the price did extend very fast over the last two days. Another smaller support level is seen around $36,000, although it likely will not stop BTC/USD from moving lower if it is reached.

Therefore, the analyst believes that traders should wait for Bitcoin to retrace once again and set a new higher low. Further upside towards the all-time high of $42,000 is still possible; however, placing a trade right now does not offer an adequate risk/reward ratio. In fact, Bitcoin offers a much better short position opportunity right now. This, however, would mean additional risk as BTC/USD could simply continue moving higher even though it is overextended.

Bitcoin Price Prediction: conclusion

Overall, Bitcoin price prediction for today is neutral. The analyst believes that Bitcoin is overextended, and a retracement that sets another higher swing low is needed. Once Bitcoin retraces, it could consolidate for several days and build a base for another push higher – this time, likely above the current all-time high at $42,000.

Despite the prediction, Bitcoin could still continue higher today as the $40,000 price level will get tested while the bullish momentum still lasts. Long position, however, would not be advisable right now – the best option would be to wait for further price action development.

While waiting for further price action, read our long-term Bitcoin price forecast or see the latest opinion on why Bitcoin is not viable as a means of exchange.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Egils Lapins

Egils Lapins

Egils is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance. He loves to write, listen to music, and ride motorcycles in his free time.

Related Posts

Falling GBTC premium
Bitcoin News

Falling GBTC premium may cause investors to dump BTC – Peter Schiff

February 26, 2021
Dubai fund to trade $170 million Bitcoin for Polkadot and Cardano
Bitcoin News

Dubai fund to trade $750 million Bitcoin for Polkadot and Cardano

February 26, 2021
Bitcoin price
Bitcoin News

Bitcoin price slumps below $45,000

February 26, 2021

Follow Us

  • 40.9k Fans
  • 8.3k Followers

Latest News

How ethbox Could be the Future of OTC Trading 4

How ethbox Could be the Future of OTC Trading

February 26, 2021
Coin

Legal actions to retrieve stolen coins: What is the success rate?

February 26, 2021
FATF

FATF to update its guidelines on stablecoins and virtual asset service providers

February 26, 2021
Cardano's founder launches RATS pool for ADA staking

Cardano’s founder launches RATS pool for ADA staking

February 26, 2021
Anchorage prepares for institutions with $80 million Series C

Anchorage prepares for institutions with $80 million Series C

February 26, 2021

Signup To The Daily Roundup

Get New Posts By Email:
Privacy Policy

Got a Story tip? Email Contact@Cryptopolitan.com

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Exclusive Partners of

Footer 5

Got a Story tip? Email Contact@Cryptopolitan.com

cryptopolitan 1

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Cryptopolitan brings you quality Blockchain and Cryptocurrency news, ICO reviews, crypto technical analysis, and other unique news insiders. We cover Bitcoin news, altcoins news, blockchain projects news, ICO news, regulatory developments and the confluence of news on the leading blockchain technologies.

© 2021 Cryptopolitan. All rights reserved. Terms | Privacy

No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
    • Sushi Price
    • Uniswap Price
  • Research
  • Scam
  • Events

Copyright © 2020 Cryptopolitan.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.