{"id":483577,"date":"2022-02-13T06:17:31","date_gmt":"2022-02-13T06:17:31","guid":{"rendered":"https:\/\/wncen.com\/?p=483577"},"modified":"2024-06-11T14:11:27","modified_gmt":"2024-06-11T14:11:27","slug":"bitcoin-price-update-profit-taking","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-update-profit-taking\/","title":{"rendered":"Bitcoin Price Quick Look: Profit Taking Affects Current Market Movements"},"content":{"rendered":"

The Bitcoin price range has become significantly more subtle over the last several months as it has grown in popularity as a cryptocurrency. It is currently valued at $42,398.83 as of Sunday.<\/p>\n

On Saturday, the BTC\/USD exchange rate increased by 7.07%. Bitcoin ended the day at $42 414, up 3.54%\u00a0from Wednesday’s low.<\/p>\n

According to analysts, investors are in profit taking mode this week, rapidly eroding daily gains and capping the market at around the 45K level.<\/p>\n

Bitcoin fell to an intraday low of $43,917.4 Saturday\u00a0morning before recovering. Late in the day, a new high of $48,598\u00a0was set, surpassing the previous high of $43,284 set earlier in the day.<\/p>\n

Despite concerns about the global economy and rising inflation, investors are attracted to Bitcoin’s (BTC) price movement.<\/p>\n

Quick Bitcoin Price Analysis<\/h2>\n

Bitcoin would have to avoid a break below the pivot level of $45,841 in order to activate the first major resistance level at $48,765.<\/p>\n

The crypto\u00a0would require broad market support to break out of this new swing high of $48,945. Unless there is a sustained crypto rally, any upside is likely to be limited by the first major resistance level at $50,000.<\/p>\n

If the pivot level at $46,841 is breached, the first major support level at $45,084 comes into play.<\/p>\n

However, barring a prolonged crypto sell-off, Bitcoin should avoid falling below $45,000.<\/p>\n

<\/p>\n

BTC\/USD price at $42258 on the daily chart | Source: TradingView.com<\/a><\/pre>\n
Related Reading |<\/i><\/b>\u00a0Making Money in Bitcoin Markets? Don\u2019t Forget About Crypto Taxes<\/i><\/b><\/a><\/p>\n
The world’s most popular crypto\u00a0would require broad market support in order to overcome the recent swing high of $48,945.<\/p>\n
The first critical barrier level and resistance at $50,000 is likely to prevent further gains until crypto assets experience a sustained rise.<\/p>\n
In the event of a prolonged crypto rally, Bitcoin may test the second major resistance level at $51,522. If the pivot point at $46,841 is breached, the first significant support level at $45,084 will be tested.<\/p>\n
On the other hand, unless there is a significant crypto sell-off, Bitcoin should avoid falling below $45,000. The $42,161 mark is the second significant level of support.<\/p>\n
Bitcoin Forecast<\/h2>\n
Though Bitcoin appears to be recovering, it is still a long way from its November all-time high of $68,000. Despite the recent price decline, Bitcoin remains more than twice the value it was just a few years ago.<\/p>\n
Meanwhile, despite the volatility and recent price drops, many analysts believe it will eventually surpass the $100,000 mark.<\/p>\n
However, there are divergent views on when and how this event would occur. When it comes to bitcoin, experts advise novice investors to exercise caution when deciding whether to invest a percentage of their assets in cryptocurrency.<\/p>\n
Bitcoin’s price has risen at a similar rate to that of other cryptocurrencies over the last several years. How much Bitcoin’s value will increase over time is a legitimate concern for investors.<\/p>\n
Related Reading |\u00a0Bitcoin Steadies Above $45k, US Inflation Comes In At 7.5% Year Over Year<\/a><\/strong><\/em><\/p>\n
\n
\n
\n
Featured image from TechCrunch, chart from TradingView.com<\/pre>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
The Bitcoin price range has become significantly more subtle over the last several months as it has grown in popularity as a cryptocurrency. It is currently valued at $42,398.83 as of Sunday. On Saturday, the BTC\/USD exchange rate increased by 7.07%. Bitcoin ended the day at $42 414, up 3.54%\u00a0from Wednesday’s low. According to analysts, investors are in profit taking mode this week, rapidly eroding daily gains and capping the market at around the 45K level. Bitcoin fell to an intraday low of $43,917.4 Saturday\u00a0morning before recovering. Late in the day, a new high of $48,598\u00a0was set, surpassing the previous high of $43,284 set earlier in the day. Despite concerns about the global economy and rising inflation, investors are attracted to Bitcoin’s (BTC) price movement. Quick Bitcoin Price Analysis Bitcoin would have to avoid a break below the pivot level of $45,841 in order to activate the first major resistance level at $48,765. The crypto\u00a0would require broad market support to break out of this new swing high of $48,945. Unless there is a sustained crypto rally, any upside is likely to be limited by the first major resistance level at $50,000. If the pivot level at $46,841 is breached, the first major support level at $45,084 comes into play. However, barring a prolonged crypto sell-off, Bitcoin should avoid falling below $45,000. BTC\/USD price at $42258 on the daily chart | Source: TradingView.com Related Reading |\u00a0Making Money in Bitcoin Markets? Don\u2019t Forget About Crypto Taxes The world’s most popular crypto\u00a0would require broad market support in order to overcome the recent swing high of $48,945. The first critical barrier level and resistance at $50,000 is likely to prevent further gains until crypto assets experience a sustained rise. In the event of a prolonged crypto rally, Bitcoin may test the second major resistance level at $51,522. If the pivot point at $46,841 is breached, the first significant support level at $45,084 will be tested. On the other hand, unless there is a significant crypto sell-off, Bitcoin should avoid falling below $45,000. The $42,161 mark is the second significant level of support. Bitcoin Forecast Though Bitcoin appears to be recovering, it is still a long way from its November all-time high of $68,000. Despite the recent price decline, Bitcoin remains more than twice the value it was just a few years ago. Meanwhile, despite the volatility and recent price drops, many analysts believe it will eventually surpass the $100,000 mark. However, there are divergent views on when and how this event would occur. When it comes to bitcoin, experts advise novice investors to exercise caution when deciding whether to invest a percentage of their assets in cryptocurrency. Bitcoin’s price has risen at a similar rate to that of other cryptocurrencies over the last several years. How much Bitcoin’s value will increase over time is a legitimate concern for investors. Related Reading |\u00a0Bitcoin Steadies Above $45k, US Inflation Comes In At 7.5% Year Over Year Featured image from TechCrunch, chart from TradingView.com<\/p>\n","protected":false},"author":557,"featured_media":483580,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,83386,3],"tags":[428,1119,1144,6664],"class_list":["post-483577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-crypto","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-crypto"],"acf":[],"yoast_head":"\nBitcoin Price Quick Look: Profit Taking Affects Current Market Movements<\/title>\n<meta name=\"description\" content=\"The Bitcoin price range has become significantly more subtle over the last several months as it has grown in popularity as a cryptocurrency. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Quick Look: Profit Taking Affects Current Market Movements","url":"http:\/\/wncen.com\/news\/bitcoin-price-update-profit-taking\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-update-profit-taking\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/02\/Bitcoin-2.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/02\/Bitcoin-2.jpg?fit=430%2C230"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","crypto"],"dateCreated":"2022-02-13T06:17:31Z","datePublished":"2022-02-13T06:17:31Z","dateModified":"2024-06-11T14:11:27Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Quick Look: Profit Taking Affects Current Market Movements\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-update-profit-taking\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-update-profit-taking\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/02\\\/Bitcoin-2.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/02\\\/Bitcoin-2.jpg?fit=430%2C230\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"crypto\"],\"dateCreated\":\"2022-02-13T06:17:31Z\",\"datePublished\":\"2022-02-13T06:17:31Z\",\"dateModified\":\"2024-06-11T14:11:27Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/02\/Bitcoin-2.jpg?fit=430%2C230","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/483577"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=483577"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/483577\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/483580"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=483577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=483577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=483577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}