Bitcoin Price Prediction for February 7

Although Bitcoin’s price recently climbed above $100,000, it failed to sustain this level and soon dropped to immediate support levels. Over the past 24 hours, Bitcoin’s trading volume has increased by more than 10.8%, totalling $49.86 billion.

In a broader perspective, Bitcoin fell below $100,000 on January 7 and showed a downward trend. It reached a low of approximately $89,397 on January 13. On Feb 3, Bitcoin again crashed and reached a low near $91K. However, the price has been recovering since then. Over the last 24 hours, its total market capitalization dropped by 0.07%, settling at $1.93 trillion.

Bitcoin’s Liquidation Nears $60 Million

Bitcoin’s price is facing multiple rejections above $100K despite buyers’ attempt to drive the price upward as US job data falls short. Bitcoin struggled to maintain its buying demand as it faces increased selling pressure from short-term holders who are looking to capitalize on any small price gains.

Over the course of the last week, Bitcoin has seen a decline of 7.15% in its price, and over the past 30 days, it has achieved a total gain of 3.06%. Amid this volatility, when Bitcoin’s price reached $100,138 today, it failed to attract enough buyers to sustain its climb, resulting in a pullback to support lines.

Data from Coinglass shows that the total liquidation nears $60 million in the last 24 hours. This consisted of $32 million worth of positions liquidated by buyers and about $28 million by sellers, reflecting the volatility and the nearly balanced domination of buying and selling pressure.

However, despite the bearish pressure suggested by these liquidations, the funding rate for Bitcoin remains at a positive 0.0038%. This suggests that buyers are still somewhat bullish and maintain a slight advantage, potentially positioning them to drive a recovery from the current price levels.

Bitcoin Price Prediction: Technical Analysis

The price of Bitcoin struggled to hold on to its momentum around $100K, resulting in a correction just below the $97K mark. Currently, Bitcoin is facing bearish domination above $100K but it might soon break through it. Right now, Bitcoin is priced at $97,840, having surged by 0.5% in the last 24 hours.

The BTC/USDT trading pair is struggling around $100,000, which might pose a slight challenge. If it can stay above this level, it would be advantageous for buyers. The price could then attempt to move above $105,000, and potentially even to $108,000.

On the other hand, if the price continues to trade below the EMA20 trend line on the 1-hour chart, sellers might push it back down to $95,000. However, the RSI around level 48 suggests there might be a potential rise.

Bitcoin Price Prediction: What to Expect Next?

Short-term: According to BlockchainReporter, BTC price might continue to struggle around $100K. If it surpasses that level, we might see $105K. On the other hand, $95K is the lower range.

Long-term: According to the Bitcoin price prediction on Coincodex, the price of Bitcoin is expected to increase by 33.28% and reach $129,651 by March 9, 2025. Coincodex’s technical indicators suggest that the current market sentiment is Neutral, and the Fear & Greed Index indicates a level of 44, categorized as Fear. Over the last 30 days, Bitcoin has experienced 13 out of 30 green days and exhibited a price volatility of 4.04%. Based on these forecasts, it is considered a good time to buy Bitcoin.

Investment Risks for Bitcoin

Investing in Bitcoin can be risky due to market volatility. Investors should:

• Conduct technical and on-chain analysis.
• Assess their financial situation and risk tolerance.
• Consult with financial advisors if necessary. 

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