Bitcoin (BTC) Price Analysis for February 4

Bulls are not giving up as all the top 10 coins are in the green zone.

BTC/USD

The rate of Bitcoin (BTC) has almost not changed since yesterday, going up by 0.06%.

On the hourly chart, the price of Bitcoin (BTC) has broken the local resistance at $23,460. If buyers can hold the gained initiative, growth may continue to the $23,700-$23,800 zone until the end of the day, as enough energy has been accumulated for such a move.

On the bigger time frame, the price keeps trading in the wide channel as neither side has accumulated enough power for a further sharp move.

However, if the rate returns to the $24,000 zone, the growth may lead to a test of the resistance at $25,212 soon.

From the midterm point of view, the rate has made a false breakout of the $23,954 mark, which means that buyers might have found some obstacles on the way. In this case, the more likely scenario is sideways trading in the range of $23,000-$24,000 for the next week.

Bitcoin is trading at $23,515 at press time.

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