Bitcoin (BTCUSD) Sits at $98K High Mark, Aiming to Rally Higher

Bitcoin (BTCUSD) Price Forecast: February 12

The Bitcoin (BTCUSD) price is aiming to rally higher while sitting at $98k with the new surge in investors, and interest in the asset. The crypto could see another uphill trend soon amid broader market corrections. The coin price may swing above the resistance threshold and perhaps retest the prior peak value at $107k and even farther if the bulls could increase their buying pressure. A full-blown bull run at the $120k upper resistance level might be the target, triggering the buying opportunity for crypto traders.

Key Levels:
Resistance Levels: $97,000.00, $98,000.00, $99,000.00
Support Levels: $65,000.00, $64,000.00, $63,000.00

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

The Bitcoin market is having a bearish posture in its long-term outlook as can be seen from the chart below. The price bar sits below the moving average line, aiming to rally higher, confirming its bearishness.
The interference of short-term traders to the $94,730 low level in the previous action has contributed to its bearish momentum in its recent price level.

Today, the BTCUSD pair aims to rally higher as the bulls caused a rise to a $98,000 resistance level below the EMA-50 to resume the bullish trend on the daily chart. Thus, the price tendency will climb over the crucial levels if the bulls raise their level of market tension.

Further, the Bitcoin pair might continue growing as we are seeing a new bullish correction in place.

Thus, if the crypto’s price could sustain above the $107,000 high level, the potential rally could surge to hit a significant level at the upper channel, suggesting a high potential rally for the coin buyers.

Additionally, the daily stochastic indicates an uptrend by pointing upwards, suggesting the largest crypto is aiming to rally higher. Hence, there is a tendency for the coin to rally and surpass the $107k to reach the $120k targeted level soon in its long-term perspective.

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

The market price of BTCUSD is trading in the bearish market zone due to the interaction from the sell traders. It also indicates the impending next significant price shift as it aims to rally higher.
The pressure from the bears at a $95,906 low value in the previous session has contributed to the price drop in its recent correction.

The Bitcoin price sits at $98k below the supply levels, aiming to rally higher as the 4-hourly chart begins today, indicating investors’ interest and confidence in the crypto.

Further, an increase in the buying pressure might lead the price of BTCUSD to retest the previous high of $109k, obtaining a higher footing to rise higher.

In addition, if the Bitcoin investors could increase their buying pressure, the coin price might increase further as it aims to rally higher. As a result, the rally might extend the crypto price to a $120k high value in the coming days, fueling investors’ optimism and impact on the crypto in its medium-term time frame.

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