Bitcoin (BTCUSD) Price Might Pump Ahead

Bitcoin (BTCUSD) Price Forecast: February 4

The BTCUSD pair may bounce off the support line and pump ahead, following a market-wide correction. Thus, a sharp breakout and closure above the current correction phase at the $100,335 high value will invalidate any bearish thesis, and the price might hit the targeted high of $120k upper level and beyond, leading to significant gains for crypto holders.

Key Levels:
Resistance Levels: $100k, $101k, $102k
Support Levels: $90k, $89k, $88k

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

Bitcoin price remains bullish and might pump ahead as the coin resumes another bull cycle on the higher time frames. The price is above the EMA-50, suggesting an uptrend.
The sustained bullish pressure on the currency pair at the $104,742 supply level in the past few days has made it easier for the coin to remain in an uptrend at its new high.

The BTCUSD price responded to the shift in the market structure and is pumping ahead above the moving averages at the $100,335 high value as the daily chart opens today.

Thus, if investors increase their interest in the asset, the crypto price may pump ahead to reach the $109.359 peak value, obtaining a higher footing to rise higher.

Meanwhile, further downsides are unlikely as the market price of BTCUSD is in an upside position, indicating that the coin price might continue to pump ahead. If this is achieved, the $120k targeted value might be reached soon in its long-term outlook.

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

The Bitcoin price is trending below the supply levels and might pump ahead as the bulls remain determined to take the coin price higher on its medium-term chart. Further, the price is below the EMA-50, suggesting a bearish market zone.
The bears’ pressure on the crypto in the past few hours has dropped the price below the supply trend levels in its recent high.

Today, the BTCUSD price might pump ahead as the bulls swing the coin price to a new high at $100,335 high mark below the moving average as the 4-hourly session opens today, gunning for the upper boundary of the range.

Thus, a breakout above the $109,358 previous swing high would provide an opportunity for buyers to regain control and potentially drive the coin price toward the upper resistance area.

Notably, the daily stochastic remains in an upward direction. If the buy traders could add more aggression to their buying pressure, the crypto price might pump ahead to hit the new high of 120k in the days ahead in its medium-term time frame.

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