New BTC price targets emerge as Bitcoin sizes up Wall Street open
Bitcoin (BTC) continues to linger just below $43,000 on Feb. 7 as markets gear up for what promises to be a lively week.
Another step up overnight took BTC/USD briefly over $43,000 before consolidating with $42,000 as support, data from Cointelegraph Markets Pro and TradingView shows.
For market pundits, the question now is which support levels can sustain on longer timeframes, which would be ideal as a foundation for further upside, and what bulls expect as new resistance.
For popular trader and analyst Rekt Capital, the 50-week exponential moving average (EMA) is now an important zone to crack, this originally collapsing over Christmas.
“BTC is just below the blue 50-week EMA, a key Bull Market moving average,” he summarized Monday.
Highlighting a range stretching back through 2021, Rekt Capital nonetheless acknowledged that a rejection at current levels opens up the possibility of a significant retracement to its lows at $30,000.
“Not only has BTC formed a January 2022 Higher Low relative to July 2022... But February is already forming a Higher Low relative to January 2022 Promising signs thus far,” he added in one of multiple further Twitter posts.
Previously, fellow trader Pentoshi cited the 2022 yearly opening price near $46,000 as a potential resistance headache should upside continue.
To the downside, meanwhile, trader Anbessa called $38,900 and $37,800 as targets.
#BTC LTF Update - hidden bull div played out ✔️- bounce from 25MA 2h TF ✔️-> Trading at channel top again, TP -> shortterm r:r ratio pullback like in the projection - early potential bearish divergence 3h TF & lowerPrefer a pullback now for less #midterm volatility. pic.twitter.com/018YoMEVSS
Turning to the odds of a continuation, Filbfilb, co-founder of
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