{"id":406617,"date":"2022-02-17T03:53:19","date_gmt":"2022-02-17T00:53:19","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-is-likely-starting-the-next-push-up-if-42k-holds-as-support\/"},"modified":"2022-02-17T03:53:19","modified_gmt":"2022-02-17T00:53:19","slug":"bitcoin-price-is-likely-starting-the-next-push-up-if-42k-holds-as-support","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-is-likely-starting-the-next-push-up-if-42k-holds-as-support\/","title":{"rendered":"# Bitcoin price is \u2018likely starting the next push up\u2019 if $42K holds as support"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a416c918e05d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a416c918e05d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-is-likely-starting-the-next-push-up-if-42k-holds-as-support\/#On-Balance_Volume_shows_a_bullish_reversal\" >On-Balance Volume shows a bullish reversal<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-is-likely-starting-the-next-push-up-if-42k-holds-as-support\/#Bullish_if_BTC_holds_42000\" >Bullish if BTC holds $42,000<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-is-likely-starting-the-next-push-up-if-42k-holds-as-support\/#Bitcoin_price_could_increase_by_25\" >Bitcoin price could increase by 25%<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin price is \u2018likely starting the next push up\u2019 if $42K holds as support <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>The cryptocurrency market remains in a state of flux as investors are once again focused on what steps the U.S. Federal Reserve might take to combat rising inflation and markets wobble as the situation in Ukraine remains tense.<\/p>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> shows that the price of Bitcoin (BTC) has hovered around the $44,000 support level and traders are hopeful that an inverse head and shoulders chart pattern will lead to a sustained bullish breakout.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/cdf6df2d-dc91-4fe8-91e3-b55bd4985f45.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 1-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Here\u2019s a survey of what several analysts in the market are keeping an eye on moving forward as global issues from inflation to war continue to make their presence felt in the cryptocurrency market. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"On-Balance_Volume_shows_a_bullish_reversal\"><\/span>On-Balance Volume shows a bullish reversal<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Insight into what may lie ahead for Bitcoin based on its On-Balance Volume (OBV), which is a momentum indicator that uses volume flow to predict changes in the price of an asset, was provided by market analyst and pseudonymous <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> user \u2018IncomeSharks\u2019 who posed the following chart highlighting the bullish reversal in the indicator. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/b16bae46-ebe2-4738-be66-a17a71fc622d.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-day OBV chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>The analyst said,<\/p>\n<blockquote><p>\u201cAnd people telling me we aren&#8217;t bottomed out&#8230; This is almost a more bullish move than last time we went from $30,000 to $60,000. Double bottom, very sharp bullish V spike. Price action is just noise and people are listening too much to Crypto Twitter.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Bullish_if_BTC_holds_42000\"><\/span>Bullish if BTC holds $42,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A similar bullish take on the current price action for BTC was offered by analyst and pseudonymous Twitter user \u2018CredibleCrypto\u2019, who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CredibleCrypto\/status\/1494013001141215236\">posted<\/a> the following lower time frame chart that indicates Bitcoin has more room to run. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/d085b895-5dfd-488f-9457-c3e27dc35f19.jpg\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>CredibleCrypto said, <\/p>\n<blockquote><p>&#8220;Strong moves up, shallow pullbacks, continuation. As long as $42,000 holds LTF wave structure indicates we are likely starting the next push up.\u201d<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Fidelity International launches Bitcoin ETP on Deutsche Boerse<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_price_could_increase_by_25\"><\/span>Bitcoin price could increase by 25%<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A final bit of analysis that also took BTC momentum into consideration was offered by market analyst and Twitter user Caleb Fransen, who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CalebFranzen\/status\/1493979599465762816\">posted<\/a> the following chart that included the Williams%R oscillator, a momentum indicator that measures overbought and oversold levels.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/51bde023-0e71-424d-99cd-16386df5b242.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-week chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>According to Fransen, \u201cwhen there is a full oscillation from \u201coversold\u201d to &#8220;overbought&#8221;, it indicates a momentum thrust,\u201d an event that has occurred six times for Bitcoin since January 2020.<\/p>\n<p>Fransen said, <\/p>\n<blockquote><p>\u201cAfter the weekly thrust, the average 1-month return is +25%. The Williams%R is attempting to complete the 4-week momentum thrust right now. I&#8217;ll be very optimistic if (big &#8220;if&#8221;) Bitcoin can secure a strong weekly close.\u201d<\/p><\/blockquote>\n<p>The overall cryptocurrency market cap now stands at $1.999 trillion and Bitcoin\u2019s dominance rate is 42%.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-is-likely-starting-the-next-push-up-if-42k-holds-as-support\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin price is \u2018likely starting the next push up\u2019 if $42K holds as support &#8221; The cryptocurrency market remains in a state of flux as investors are once again focused on what steps the U.S. Federal Reserve might take to combat rising inflation and markets wobble as the situation in Ukraine remains tense. 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