BTC/USD: Bitcoin consolidates for seven days; it's about time to get cracking

Denis Joeli Fatiaki Independent Analyst

BTC/USD: Bitcoin consolidates for seven days; it's about time to get cracking

What is going on with BTC/USD?

BTC/USD: Bitcoin managed to get back and hold above 6377.70 as indicated in my previous update seven days ago. The pair has been consolidating between its break out point to the upside at 6474.75 and 6377.70 support for the past seven days and would continue until it makes its next move.

Our forecast

BTC/USD: Bitcoin currently trades at 6408.80 around the bottom of the consolidation channel and could head back up to 6474.75 if it holds at 6377.70 support. Bitcoin prices could fall to 6341.80 and 6275.30 if it fails at 6377.70

Support - 6377.70, 6341.80, 6275.30, and 6235.00

Resistance/ Target - 6474.75, 6555.70, 6627.95, and 6760.95

Get free access to our trade signals at https://t.me/leoprimefx.

Chart 1: The short-term view of the BTC/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points

Chart 2: The short-term view of the BTC/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

Sui extends sideways action ahead of Grayscale’s GSUI ETF launch

Sui is extending its downtrend for the second consecutive day, trading at 0.95 at the time of writing on Wednesday. The Layer-1 token is down over 16% in February and approximately 34% from the start of the year, aligning with the overall bearish sentiment across the crypto market.