Bitcoin Price Analysis 22 Feb: BTC Remains Range Bound

Bitcoin price failed to continue higher above the $9,760 and $9,820 resistance levels. BTC/USD is currently declining, but it might find support near the $9,500 area.

Key Findings:

  • Bitcoin is currently declining after it failed to gain strength above $9,800.
  • BTC/USD traded below the $9,640 support and a bullish trend line on the 1-hour chart.
  • The price could continue to decline towards the $9,500 support or the $9,460 pivot area.

Bitcoin Price Analysis

Recently, there was a minor upward move above $9,600 in the bitcoin price against the US Dollar. However, BTC to USD failed to continue higher above the $9,760 and $9,820 resistance levels.

Looking at the 1-hour chart, the price traded as high as $9,759 and started a fresh downward move. It broke the $9,700 level and the 25 simple moving average (1-hours, orange).

The market data is provided by TradingView, Bitfinex.

During the decline, the bitcoin price traded below the $9,640 support and a bullish trend line on the 1-hour chart. It even declined below the 23.6% Fib retracement level of the upward move from the $9,290 low to $9,759 high. 

The price is currently showing a few bearish signs below the $9,640 level. Immediate support is near the $9,500 area. It is close to the 50% Fib retracement level of the upward move from the $9,290 low to $9,759 high. 

The next key support is near the $9,460 pivot level, below which there is a risk of a larger decline in the coming sessions. In the mentioned case, the price could continue to decline towards the $9,290 swing low in the near term.

Conversely, the price might find a strong buying interest near the $9,500 and $9,460 levels. If Bitcoin stays above the $9,500 area, it could bounce back above the $9,640 and $9,700 levels.

In the stated case, there are chances of a strong rise above the $9,760 and $9,820 resistance levels. Overall, bitcoin price might trade in a range below $9,820 before it could either rally above $10,000 or decline towards $9,000.

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