The price action for Bitcoin (BTC) continues to tantalize investors and once again, concerns over the state of the global economy and rising inflation have prompted warnings that the Fed’s upcoming interest rate hikes could do more damage then good to the state of the market.
Data from Cointelegraph Markets Pro and TradingView shows that the price of BTC has hovered near the $43,000 support level in trading on Feb. 11 after rallying 20% from the $37,000 leve over the past week.
BTC/USDT 1-day chart. Source: TradingView
Here’s a look at what analysts expect next for BTC and the wider cryptocurrency market.
“Expecting a move to $40,000”
Insight into the bullish and bearish scenarios related to Bitcoin price was offered by crypto trader and pseudonymous Twitter analyst ‘Crypto_Ed_NL’, who posted the following chart outlining two possible BTC price trajectories.
BTC/USDT 4-hour chart. Source: Twitter
“Checking my latest chart with the current situation. Nothing changed. Expecting a move towards $40,000. Bullish scenario indicates a bounce to $48,000. Bearish comes in play when we break $40,000.”
A confluence of resistance levels for BTC
Bitcoin now finds itself trading in an increasingly tighter rage at these current levels in large part due to “the sharp $12,000 move off the lows” of Feb. 4, according to a recent report from Delphi Digital, which noted that BTC is now “heading into resistance on multiple timeframes.”
As the price action for BTC heads toward a confluence of daily, weekly and monthly resistance, Delphi analysts suggests that “market participants of all kinds will be looking at this as a potential price ceiling” and that it represents “a logical place to expect profit-taking/risk reduction activity due to the confluence of resistance zones and the speed and magnitude of the move off recent lows.”
BTC/USD 8-hour chart. Source: Delphi Digital
As for the key areas to keep an eye on moving forward, Delphi highlighted a significant amount of support for BTC in the $40,000 to $41,000 range with the next level of support below that at $38,500.
When it comes to the…