BitcoinSupportLevel
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As another day comes to a close, Bitcoin ($BTC ) continues to
face challenges in maintaining its position above the critical 50-day Exponential Moving Average (EMA). For the seventh consecutive session, the price has closed below this key level, and there is little sign of bullish momentum. Additionally, BTC has been unable to break through the midline of its descending channel, which has been in place since January 20, 2025, and the ascending trend line dating back to October 10, 2024.
Despite numerous signals suggesting the possibility of a market rebound, it would be unwise to overlook these persistent negative patterns. There is the potential for another long squeeze and liquidity accumulation below the current price levels, leading to further downward movement. While we anticipated a slight decline in asset prices in the crypto market for February 11, the recent price action has been more volatile than expected.
On shorter timeframes, BTC has transitioned into a stable downtrend, particularly on the hourly and 2-hour charts, indicating that the bearish momentum may continue in the short term. However, the appearance of potential low markers on the daily and 2-day timeframes provides a glimmer of hope for a reversal. These markers have previously indicated positive price movements, as seen during the December 2024 to January 2025 period, when a similar signal led to a significant rally.
Given this mixed outlook, there are two plausible scenarios to consider. First, BTC could break through the resistance at the 50-day EMA, currently around $98,432, signaling the end of the downtrend. Alternatively, if the weakness from BTC buyers persists, the price may dip below the February 3 low of $91,321, but altcoins may not experience a similar decline. A third scenario could involve a simultaneous drop in both BTC and altcoins, in which case the potential reversal signals would be delayed, but likely to unfold within days rather than weeks.
#BTCRecovery #CryptoInvesting #BitcoinSupportLevel #BTCPriceAction
face challenges in maintaining its position above the critical 50-day Exponential Moving Average (EMA). For the seventh consecutive session, the price has closed below this key level, and there is little sign of bullish momentum. Additionally, BTC has been unable to break through the midline of its descending channel, which has been in place since January 20, 2025, and the ascending trend line dating back to October 10, 2024.
Despite numerous signals suggesting the possibility of a market rebound, it would be unwise to overlook these persistent negative patterns. There is the potential for another long squeeze and liquidity accumulation below the current price levels, leading to further downward movement. While we anticipated a slight decline in asset prices in the crypto market for February 11, the recent price action has been more volatile than expected.
On shorter timeframes, BTC has transitioned into a stable downtrend, particularly on the hourly and 2-hour charts, indicating that the bearish momentum may continue in the short term. However, the appearance of potential low markers on the daily and 2-day timeframes provides a glimmer of hope for a reversal. These markers have previously indicated positive price movements, as seen during the December 2024 to January 2025 period, when a similar signal led to a significant rally.
Given this mixed outlook, there are two plausible scenarios to consider. First, BTC could break through the resistance at the 50-day EMA, currently around $98,432, signaling the end of the downtrend. Alternatively, if the weakness from BTC buyers persists, the price may dip below the February 3 low of $91,321, but altcoins may not experience a similar decline. A third scenario could involve a simultaneous drop in both BTC and altcoins, in which case the potential reversal signals would be delayed, but likely to unfold within days rather than weeks.
#BTCRecovery #CryptoInvesting #BitcoinSupportLevel #BTCPriceAction
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