On February 14, Bitcoin’s price was hovering at a lower figure. The token’s price has surged over the $23,000 mark for the first time in several months.
However, the bears were able to bring the price of the asset down to a lower level. The price chart shows that the price of BTC was trading at a low of $21,480 on February 14.
The asset had fallen below the $22,235 mark, which is the 20-day EMA. Just as the price of BTC fell below the particular mark, the bulls kicked off a rally that was able to push its price higher.
The asset bounced off from the lower level and continued with its journey over the 20-day EMA. This goes to show that the bulls are launching their bullish rallies as the price of BTC is moving lower.
They want to capture the moment and push the asset’s price higher just as any dip is experienced in the trading price of the asset.
Bears to Pull BTC to $20,294
Given the recent market trends and circumstances, it is going to be a tough situation for the bulls. If they want to ensure the price of BTC does not move into the lower zone, then they will have to defend $22,800.
The bulls will have to demonstrate strong bullish sentiments to defend the particular spot. If they do not do it, then the bears will gain the opportunity to pull it lower to $21,228.
Once the price of BTC falls to a particular level, the bears will be able to increase their selling aggression. This would result in the trading price of BTC getting pulled to a low of $20,294.
According to the analysts, this would act as a correction for the asset. The bulls will have an opportunity to push harder from this level to elevate the trading price of the asset.
If the bulls fail to make it happen, then BTC’s price may get pulled lower than $20,000.
BTC’s Push to $24,255
Given the current market sentiments, all the bulls have to do is sustain the pressure coming in from the bears. They will need to continue fighting the bears at $22,800 and if they manage to do it, then BTC’s price will move higher.
If the bulls succeed against the bears, then the price of BTC would move to a high of $23,500. The same situation may continue for the next few days, which would define the trend for Bitcoin even more.
If things work out in favor of the bulls and the bears bailout, then the trading price of BTC may move to a high of $24,255.