The bullish wave of the past days reached its peak on February 7. The bitcoin price managed to struggle above the $220 support level yesterday, but it’s now experiencing a correction. As the charts reveal, 24hr BTC/USD exchange rate is down by 4% and a strong selling pressure is still present.
The bitcoin price ups and downs through February 7-8th
BTC/USD was struggling below daily averages for a remarkably long period of time. However, after some notable buy orders were placed, the market took a turn to briefly become bullish again. A rise from $210 all the way up to the high of $238 was noticed during the February 7-8th trading session. The buying pressure slowed down shortly after the peak was reached, profit taking caused the bitcoin price to keep moving sideways for a while and eventually the price hardly manages to stay above the $220 level during February 8th.
What’s to be expected in the upcoming days?
Looking at the price movements which have occurred within this year, it wouldn’t be unlikely to see a significant price rise in the not so distant future. However, given that the market is still haunted by bears at the moment, this rise probably isn’t going to take place in one of the upcoming days. There has even been some speculation floating around, claiming that we could be seeing moments below the $200 really soon since some of the most significant support levels of this year were breached repeatedly.
Contrary to this speculation though, price movements this year have indicated that $220 has been a great launch platform for many significant bullish outbreaks. A rally from here could be a good step towards breaking the $250 resistance. For now, the traders will have to deal with the strong selling pressure and bears that are pressuring the bitcoin price below $220 once again.
Images from bitcoinity and tradingview.