Bitcoin Price Prediction: BTC Consolidates Below $45,500
Daily Bitcoin BTC Technical Analysis
- Bitcoin hits new high as Mastercard and BNY Mellon support cryptocurrency
- BTC has one strong resistance barrier at $45,500.
Bitcoin price rallied from $30.200 on January 29 to $48,000 on February 9. However, it looks like the price is currently consolidating below $45,500. Let's take a closer look with technical analysis.
Bitcoin Price Falls Below $45,500
After reaching an all-time high on Tuesday, Bitcoin price has since dropped below the $45,500 resistance and is trending around $45,400. The bearish price action of the last two days has dipped the relative strength index from overbought to neutral zone.
Image: BTC/USD daily
Looking at the IOMAP, we can see two strong resistance barriers at $45,600 and $46,500. At the former, 483,000 addresses had purchased 273,000 BTC tokens. The bulls will require a lot of juice to overcome this zone.
However, the MACD in the 4-hour Bitcoin price chart shows increasing bearish momentum. As such, more correction is expected.
Image: BTC/USD 4hour
Max Keiser: Oracle To Follow Tesla
Bitcoin has been rallying significantly over the last few days, reaching a new all-time right of $47,513 recently. The flagship crypto’s incredible price action and bullish momentum have been largely driven by a new wave of institutional interest and adoption.
Max Keiser, a Bitcoin pioneer and co-founder of Heisenberg Capital, has reportedly revealed that Bitcoin’s next big corporate buyer is American billionaire investor Larry Ellison. Ellison is the co-founder of Oracle.
Popular entities such as MicroStrategy, Grayscale, Square Inc and recently Tesla have all jumped on the Bitcoin bandwagon. MicroStrategy has spent $1.57 billion in total on Bitcoin and has nearly almost doubled in value. Bitcoin’s recent surge can be largely attributed to Tesla’s 1.5 billion purchase of BTC.
Ellison seems to be following in the footsteps of Elon Musk adding Bitcoin to his company’s treasury. Although there’s no confirmation on the news, Ellison is a board member of Tesla. This means that he was involved in the company’s decision to purchase $1.5 billion worth of Bitcoin.
Reports suggest that over $25 billion of institutional money would flow into Bitcoin this year. It appears that Ellison, together with his company, Oracle will not be the last ones to venture into large Bitcoin investments in the near future.
Bitcoin Price Is Expected To Reach These Levels
Bitcoin price is likely going to consolidate below the $45,500 for bit, before it makes another charge upwards.