Bitcoin (BTC) Price Prediction for February 1

The weekend has started with sellers’ pressure, according to CoinMarketCap.

BTC/USD

The rate of Bitcoin (BTC) has declined by 2.25% over the last day.

On the hourly chart, the price of BTC might have set a local support of $101,418. If the growth continues, one can expect a test of the resistance level of $102,744 by tomorrow.

On the bigger time frame, neither bulls nor bears are dominating. However, if the sellers break the vital zone of $100,000, the accumulated energy might be enough for a more profound correction to the $98,000 range.

Related

Such a scenario is relevant for the upcoming week.

From the midterm point of view, sideways trading is the more likely scenario. The volume keeps falling, which means any sharp moves are unlikely to happen shortly.

Bitcoin is trading at $102,018 at press time.

Disclaimer: The opinions expressed by our writers are their
own and do not represent the views of U.Today. The financial and market information
provided on U.Today is intended for informational purposes only. U.Today is not
liable for any financial losses incurred while trading cryptocurrencies. Conduct
your own research by contacting financial experts before making any investment
decisions. We believe that all content is accurate as of the date of publication,
but certain offers mentioned may no longer be available.