Crypto price prediction: Bitcoin (BTC) now in consolidation phase, need to watch more !

 Bitcoin (BTC) chart analysis:

BTC chart analysis

Bitcoin has been going through a period of price consolidation after falling below the $100,000 support level on February 4. Since then, its price has been moving between $94,000 and $100,000 without a clear direction. On Tuesday, Bitcoin dropped close to the lower boundary of this range but found some support there. As of Wednesday, its price is hovering around $96,300, showing no strong movement in either direction.

If Bitcoin falls below $94,000 and closes lower, it could trigger a bigger decline. In that case, the next important support level to watch would be $90,000. This is a psychologically significant level, meaning many traders may see it as an opportunity to buy or sell. A drop below this level could bring more bearish pressure, leading to further losses.

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Technical indicators also suggest uncertainty in the market. The Relative Strength Index (RSI), which measures whether Bitcoin is overbought or oversold, is currently at 43. This indicates slightly bearish momentum. Last week, it tried to move above 50 (a neutral level) but was rejected.

However, if Bitcoin manages to regain strength and break above $100,000, it could spark a recovery. In this scenario, the price might climb back to its previous high of $106,012, which was last seen on January 31. A breakout above $100,000 would signal stronger buying interest and could shift market sentiment to a more bullish outlook.

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Overall, Bitcoin remains in a consolidation phase, with traders waiting for a breakout in either direction. A drop below $94,000 could lead to further declines, while a move above $100,000 might bring a fresh upward push.