Bitcoin (BTC) Price Prediction, 11th Feb 2023

The price of Bitcoin, the biggest cryptocurrency in the world, dropped 5% to $21,800, continuing a downward trend.

Whether it is the heightened risk of hacking in the cryptocurrency business or the most recent worry that the United States may prohibit crypto staking, everything has had a negative effect on cryptocurrencies.

Today’s Bitcoin Price

DATE	BTC	USD
Today	01	$ 21,624.56

Bitcoin Price Prediction

Bitcoin is currently worth $21,905, with a $31 billion 24-hour trading volume. Almost 4.5% less Bitcoin was traded on the previous day. With a live market capitalization of $422 billion, CoinMarketCap is presently ranked first.

Technically, the BTC/USD market is very negative. Trading around $21,900 right now, it has just finished a 61.8% Fibonacci retracement at this level, suggesting that the price may soon fall below $20,000 or even lower. It’s anticipated that Bitcoin’s resistance will continue to be close to its average, or $22,300 or $22,775.

Leading technical indicators like the Moving Average Convergence Divergence and Relative Strength Index both point to a negative market. There is significant selling pressure because both the RSI and the MACD have reached the 25 levels and are showing histograms below zero.

A bearish engulfing candle also shows that traders are quite pessimistic. The next support level for Bitcoin, if it drops below $21,800, is predicted to be around $21,400. The price of bitcoin is anticipated to continue close to support levels.