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- Bitcoin has fluctuated between $93.5K and $100K in February, with low volatility showing.
- Analyst Michael van de Poppe predicts an upside breakout in the next 1-2 weeks for Bitcoin.
- Bitcoin’s support at $89K to $91K and resistance near $109K highlight crucial price levels.
The price for Bitcoin has noticeably trended downwards with it ranging between $93.5K and $100K in the month of February. This has made the traders a bit worried since the normal fluctuation that characterizes Bitcoin has not been witnessed in this period. Michael van de Poppe addressed the indicator X and predicted an upside breakout within the next one to two weeks.
The current evidence from this analyst’s perspective is that the Bitcoin market exists in the low volatility/consolidation phase, which can precede a major price movement. He opined that based on the prevailing trends, there is a possibility of an upward movement; however, he noted that he was unsure of when this breakout was likely to occur.
Bitcoin Key Support and Resistance Levels
On the daily chart, a jump can be seen earlier this year marking a high at $109,356. This was quickly reversed, and the cryptocurrency dropped to around $89,164 and then consolidating around $96,000. The range of $89000 to $91000 support level has emerged a significant level of support while a robust resistance has been detected around $109,000.
Source: BTC/USD via Bitstamp
Another aspect which is also crucial in this analysis is the fact that the volume contracted during the past retracement. A lower volume is also interpreted as less selling pressure which signals that the market may be preparing for a change. According to the channel’s upper boundary of support, the next target price in Bitcoin could be above the $104,000 to $109,000 in the near term, assuming that the price can recover the $98,500 level on strong buying pressure.
Volume Trends and Market Shift
Nevertheless, in case Bitcoin cannot stay above current support levels, the price may turn bearish, and fall down to $89,000 area. The next few weeks will be decisive for the BTC/USD pair as the price will depend on the support levels and the purchase volumes needed for an increase.
Traders and analysts observe the trend as Bitcoin continues to fluctuate within these price ranges. Future weeks will show to what direction the digital currency is going to end its current consolidation, and whether a new range is on the horizon for it.
