Bitcoin (BTC) Price Prediction for February 1
The weekend has started with sellers' pressure, according to CoinMarketCap.
BTC/USD
The rate of Bitcoin (BTC) has declined by 2.25% over the last day.
On the hourly chart, the price of BTC might have set a local support of $101,418. If the growth continues, one can expect a test of the resistance level of $102,744 by tomorrow.
On the bigger time frame, neither bulls nor bears are dominating. However, if the sellers break the vital zone of $100,000, the accumulated energy might be enough for a more profound correction to the $98,000 range.
Such a scenario is relevant for the upcoming week.
From the midterm point of view, sideways trading is the more likely scenario. The volume keeps falling, which means any sharp moves are unlikely to happen shortly.
Bitcoin is trading at $102,018 at press time.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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