Bitcoin (BTCUSD) Price Crosses $99k Supply Level

Bitcoin (BTCUSD) Price Forecast: February 7

The Bitcoin market, the largest cryptocurrency price crosses the $99k supply level, struggling to recover from the recent market downturn. The coin continues to face buying pressure as broader crypto market correction continues to reflect on the momentum. The crypto is trying hard not to fall again by resisting sellers. Should the bulls’ pressure break up the resistance level of $108k, the coin price may increase further to a $120k high trend line, bringing a downpour of gains to the entire crypto market.

Key Levels:
Resistance Levels: $97k, $98k, $99k
Support Levels: $90k, $89k, $88k

BTC (USD) Long-term Trend: Bearish (Daily Chart)

Today, BTCUSD’s price crosses the $99k supply level as the market struggles to recover from the recent broader crypto market downturn. The price trend is slightly below the EMA line, indicating a bearish market.
However, the previous action at the $96k low level in the last session has contributed to the crypto’s bearishness in its recent correction.

The Bitcoin price crosses above $99k to the $99,100 supply level below the EMA-50 as the daily chart commences today, influencing market trends with mixed performance across major cryptocurrencies, resulting in intraday gains.

However, the bullish sentiment could push it forward towards the $108k previous high if recovery gains strength.

Furthermore, the BTCUSD pair indicates the continuation of bullish sentiment on the daily signal as it crosses $99k. In light of this, the downside risk remained uncertain. Thus, the next bulls’ target might be the $120k high level in the days ahead in its long-term outlook.

BTC (USD) Medium-term Trend: Bearish (4H Chart)

The largest cryptocurrency (Bitcoin) crosses $99k despite the interference of short-term traders in the price flow in its medium-term outlook.
The coin price is recovering from its recent lows below the supply levels, suggesting a bearish market. Thus, buyers are gradually and steadily gaining more strength in the market.

Actions from the short traders at a $96k low value in the last few hours have dropped the BTCUSD price beneath the supply trend lines in recent times.

Today, additional buying pressure has enabled the Bitcoin price to cross from $99k to a $99,100 supply level below the moving averages as the 4-hour chart opens.

This will however give the buy traders the tendency to further ladder up the trend. To push the price above the supply zone, more investments from the long traders are needed.

However, there is a possibility of a further increase in the price of Bitcoin if the buy traders should increase their price actions and all the current support level holds; a psychological key level at the $120k supply level might be reached soon, as it crosses the $99k in its medium-term time frame.

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