Bitcoin Holds $42,000 hinting at bullish market sentiment
Submitted by Joey Wagner on Monday, February 14, 2022 - 18:23.
Over the weekend Bitcoin traded to a low of roughly $41,600 on an intra-day basis. However, on a closing basis Bitcoin managed to effectively hold above the 50-day moving average, which is now sitting just below $42,000 at $41,900.
The fact that Bitcoin has held these two price points ($42k and 50-DMA) is bullish for the world’s first digital currency. Over this week we may see prices once again trade above $44,000 which currently is where resistance is. Support lies at $42,000 comprised of daily closes and the 50-day moving average.