Bitcoin (BTC) Price Prediction and Analysis February 2023

The Bitcoin price edged down a fraction of a percentage in the last 24 hours to trade at $98,101 as of 11:22 p.m. EST on trading volume that plunged 6% to $63.9 billion.

Ohio Senator Introduces 2nd Bill For State Bitcoin Reserve As BTC Price Consoliates After A Fractured Gain

The Bitcoin price edged down a fraction of a percentage in the last 24 hours to trade at $98,101 as of 11:22 p.m. EST on trading volume that plunged 6% to $63.9 billion.

This comes as Ohio Senator Sandra O’Brien introduced a second bill to allow the state to create a Bitcoin reserve. The Ohio Senate Bill 57 authorizes the state’s treasurer to invest state funds solely into BTC as a means to create an “Ohio Bitcoin Reserve Fund.”

Bitcoin Price On A Sustained Consolidation

The BTC price chart analysis on the 1-day timeframe shows that the token has been trading within a defined range, with a clear resistance level around $107,000 and a support zone around the $90,000 level.

The recent Bitcoin price spike above $108,000 was quickly rejected, pulling the price back into the range, according to data from GeckoTerminal. This rejection suggests strong selling pressure at the resistance level.

BTC is currently hovering near the 50-day Simple Moving Average (SMA), acting as a dynamic resistance. A break above this level could signal renewed bullish momentum. The 200-day SMA is a key support zone, and any major breakdown could see the price of BTC retest at this level.

Meanwhile, the Relative Strength Index (RSI) is at 45.47, which is in the neutral-to-bearish range. This suggests that WBTC has room to move in either direction, but it’s currently lacking strong momentum.

The Stochastic RSI is at 20.34 (blue) and 16.40 (orange), indicating oversold conditions. This suggests a potential short-term bounce, but confirmation is needed before assuming a trend reversal.

BTC Price Prediction

The Bitcoin price is consolidating in a well-defined range, with $107,000 acting as resistance and $90,000 as support. If BTC breaks above $107,000, it could enter a new uptrend toward $115,000-$120,000.

Conversely, if the price of Bitcoin falls below the $90,000 support, it could signal a deeper retracement toward the 200-day SMA at $78,000. A breakdown below the 200-day MA would confirm a bearish trend reversal.

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