Bitcoin (BTC) Price Analysis for February 8

Bulls are not going to give up easily, and most of the cryptocurrencies are again in the green zone, according to CoinStats.

BTC/USD

The price of Bitcoin (BTC) has increased by 3.12% over the past day.

On the hourly chart, the rate of BTC might have found a local resistance at $71,467. However, one should focus on the daily bar’s closure. 

If the correction does not happen, traders can expect a level breakout, followed by a test of the $72,000 zone.

On the longer time frame, one should focus on the $71,673 level. If its breakout occurs, the accumulated energy might be enough for an ongoing upward move to the $75,000 mark. Such a scenario is relevant until the end of next week.

From the midterm point of view, the price of the main crypto is far from main levels. In this case, traders should pay attention to the interim level at $74,434. If the weekly bar closes above that mark, there is a chance of seeing a bounce back to the $80,000 zone.

Bitcoin is trading at $71,036 at press time.