Is Bitcoin price going downhill in February 2020?

Is Bitcoin price going downhill in February

Bitcoin, the king of the cryptocurrency realm move as kings do, Bitcoin price keeps leading the market into new trajectories may that be on the downside or into new highs on the price chart.

Every Bitcoin price move takes the market either toward new investments or tells the tale of receding investments. The cruciality of Bitcoin price moves lies in the fact that a sudden high or drop can bring the market down to a standstill.

Bitcoin price chart - January 2020Bitcoin price chart by Trading View

The new year brought new hope for Bitcoin traders and investors as a sharp increase in the first week is evident on the price charts. The first jump took the price up to $8500 mark on the 8th of January from the lows between $7000 and $7250 only to recede into a head and shoulder-ish pattern right after the jump.

In the next few days, the price stabilized above $8000 mark, gaining support for the next jump to $8500 on the 14th and 15th of December. Bitcoin price maintained support above $8500 mark until the 23rd of January when the price fell below the mark once again.

Bitcoin price movement: What to expect?

The Bitcoin price bubble that was built up during January 2020 took it up to the $9250 mark on the 19th of January, but as it has been observed time and again the price went into a steep decline.

Bitcoin price chart 24 January 2019Bitcoin price chart by Trading View

Bitcoin price movement shows a bearish trend at the time of writing, while the current BTC-USD rate stands at the $8430 mark. The declining situation may just be a slow weekend move since the holiday season is over, and most of the part-time retail investors are moving back to the daily routine.

The current support level lies at $8403, $8409, and $8400, respectively. On the other hand, immediate resistance lies at the $8335 mark and further at the $8339 mark, whereas major resistance towards the recent monthly high lies at the $8449 mark.

Bitcoin charts indicate that the cryptocurrency has a tendency to move in head and shoulder patterns time and again, and if such a movement form once again, traders shoulder expect at another dip and rise in the coming two weeks.

Featured Image by Pixabay

Saad B. Murtaza

Saad B. Murtaza

Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.

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