Afterward an impressive performance over the past two weeks, Bitcoin (BTC) price appears to be taking a breather which on February. vii saw the price trade in the $9,730 to $9,800 range. The weekly high at $ix,910 appears to be standing as resistance and the price traded sideways under this level throughout the day.

Crypto market weekly price chart

Crypto market place weekly price chart. Source: Coin360

So far, $9,730 has functioned equally a level of support and a pullback below this bespeak could come across the price drib slightly beneath the Bollinger Ring moving boilerplate at $9,450 and below this, the half-dozen-hour chart shows the possibility of a bounce at the 50-24-hour interval moving average ($9,350).

BTC USD daily chart

BTC USD daily chart. Source: TradingView

If the digital nugget is entering a period of consolidation, information technology would be perfectly natural for it to revisit the lower support at $nine,472, as was the example during the previous weeks when Bitcoin climbed from $7,300 in a pace and stairway pattern.

BTC USD 6-hour chart

BTC USD 6-hour chart. Source: TradingView

The volume profile visible range (VPVR) also shows a high volume node at the $ix,472 support, hence the prediction that the price could bounce if it pulls back to this area. The same tin be said for the fifty-MA at $ix,350.

BTC USD daily chart

BTC USD daily chart. Source: TradingView

On February. 7, Cointelegraph correspondent Michaël van de Poppe tweeted that Bitcoin price appears to take reached a temporary meridian and he elaborated by posting the above nautical chart and saying:

"Still, I retrieve we're going to superlative out for a bit here and just make a sideways range. Identical, the best would exist $8,750-9,000 as long entries. Doubt we'll get it...breakthrough here and targeting $10,400-10,900."

At the time of publishing the relative force index (RSI) is pulling back from 70 (overbought territory) on the daily timeframe, a level which saw Bitocin toll retract when reached on Jan. 30, Jan. 27, Jan. 18 and Jan. 14.

While the shorter fourth dimension frame currently hints that Bitcoin price is in for a flake of consolidation, the weekly time frame is still resoundingly bullish.

BTC USD weekly chart

BTC USD weekly chart. Source: TradingView

Traders will annotation that the weekly Moving Average Convergence Divergence (MACD) remains in the midst of a balderdash cross, a somewhat rare issue that marks the beginning of a strong bull trend.

Swing traders and hodlers volition have interpreted this as a purchase and concur bespeak and will be looking forwards to the coming months with great excitement.

Bitcoin weekly price chart

Bitcoin weekly price chart. Source: Coin360

The overall cryptocurrency market cap now stands at $278.ane billion and Bitcoin'due south dominance rate is 63.8%. Altcoin price activeness was relatively flat, with a handful of the top-twenty altcoins posting marginal gains and a few registering small single-digit losses.

A few standout performers were Bitcoin SV (BSV) which gained 14.21%, Nuance (Nuance) was up six.29%, and Dogecoin (DOGE) with a 7.56% gain.

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