February Bitcoin Price Outlook – Market Updates Bitcoin News

February has been a rollercoaster for cryptocurrency traders, with market volatility leading to high levels of price uncertainty. After a strong start to the month, bitcoin prices have since plunged, resulting in a current bear run. But with just over two weeks left in this short month, what else could be in store for speculators?

Current market status

Bitcoin has largely traded higher this year, boosted by lower inflation levels, which in turn has prompted the Federal Reserve to raise interest rates at a slower pace.

Since the start of the year trading at $16,621, the world’s largest cryptocurrency, by market capitalization, has added as much as $8,000 to its value in a four-week period.

But last week’s interest rate hike, which was a 25 basis point move, was followed by a significant increase in non-farm payrolls, which unsettled the markets.

Payrolls came in at 517,000 against expectations of 185,000, leading many to question the Fed’s view that we are in a disinflationary cycle.

With macro elements confusing investors, the crypto industry saw more bearish sentiment as the US Securities and Exchange Commission (SEC) cracked down on betting services, adding to the already dismal situation.

After this, the markets have mostly moved lower, with previous bulls consolidating gains from earlier in the month.

Outlook for February

At the time of writing, BTC/USD is currently trading at $21,690.20, which is the lowest point since January 20th.

Looking at the chart, BTC has extended a breakout of a key price floor at $22,500 and appears to be moving towards lower support at $21,200.

In addition to this, the 10-day (red) moving average has changed course and is now nearing a bearish cross, with its 25-day (blue) counterpart.

As a result of this downward shift, the 14-day RSI is now at a one-month low of 45.60, and is now approaching the oversold region.

There is a strong possibility that BTC/USD will collide with a floor at $21,200, but should this point hold, bulls will likely use this as an opportunity to make another run towards the $25,000 mark.

Will bulls reject a breakout below $21,200 this month? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a broker director and educator for online trading. He currently serves as a commentator across various asset classes including Crypto, Stocks and FX, while also being a startup entrepreneur.