Bitcoin price has been set to rise soon, and technical analysis appears

Bitcoin price remained in a narrow range on Monday, and continued the direction that has continued since November.

Bitcoin (BTCIt has been circulated at 96,500 dollars, where it has been hovering over the past few days. The price is about 12 % lower than its highest level this year.

Bitcoin has been hesitant amid fears that The Federal Reserve maintains a position of sincerity Also, inflation is still high. Data last week showed that the main consumer price index rose to 3.0 % in January, which represents its highest level in months.

The labor market also showed strength, with a decrease in the unemployment rate from 4.2 % in December to 4.1 % in January. A mixture of high inflation and low unemployment indicates that the Federal Reserve will not push for reducing interest rates.

Bitcoin price also remained in the range with encryption investors remaining on the margin. The main example of this is the performance of the Instant Bitcoin Investment Funds, which has witnessed external flows of millions of dollars in the past two weeks.

Bitcoin prices indicate an increase

BTC’s technical indicators indicate that Bitcoin may have an additional direction once this unification phase ends. One of the main factors is that Bitcoin has constantly holding higher than the decisive support level at $ 90,560 in recent weeks.

In addition, Bitcoin remained higher than 50 weeks and 100 weeks-a bullish signal in trend analysis.

BTC has also formed a cup and pattern handle, with a higher resistance level at $ 68,720. The depth of this training is about 78 %, indicating a possible recovery of more than $ 122,000.

Moreover, Bitcoin has developed the style of science climbing, characterized by a long vertical gathering, followed by monotheism. These technical indicators indicate a long -term rise in the long term. One analyst, Quoting from The bullish flag pattern predicts a possible increase to $ 148,000.