bitcoin (BTC) is under pressure again as a leader cryptocurrency fell to a four-week low below $22,000. This decline follows Bitcoin’s impressive performance in January, during which BTC was up around 40% year-to-date, leading some to predict another bull run.
Finbold analyzed the potential performance of BTC on Valentine’s Day using artificial intelligence (AI) to see if bigger price moves could be on the cards ahead of the holidays after the recent drop in the wake of the US Securities and Exchange Commission (SECOND) announcing settlement with cryptocurrency exchange kraken for alleged violations of securities laws.
In particular, the machine learning algorithms of the crypto monitoring platform Price predictions predicted that the price of BTC will trade at $21,632 on February 14, 2023, according to the data retrieved February 10.
The AI aggregates the latest technical analysis (FOCUSED TOWARDS) indicators, including moving averages (MY), the moving average divergence of convergence (MACD), relative strength index (IRS), Bollinger Bands (BB), and more, to arrive at the Bitcoin price estimate.
Bitcoin technical analysis
Bitcoin Sentiment via TradingView’s technical analysis indicators on the 1-day gauges, is rather bearish, with the summary pointing to a “sell” at 9, as the summary from oscillators being in the “neutral” zone at 8, and moving averages suggesting “sell” at 8.
Currently, Bitcoin is changing hands at $0.388, down 2.35% in the last 24 hours and another 3.94% in the previous seven days. A support the level exists at $21,249, while the next significant resistance level is located at $22,649.
In total, $40 billion leaked Crypto Market Cap in a Day as Anxiety Grows Over SEC Stocks. After agreeing to pay a $30 million fine to resolve the charges with the SEC, the Kraken decided to shut down its staking services in the United States.
Additionally, the SEC accused the cryptocurrency exchange from the trading of unregistered securities, which has led to huge withdrawals in cryptocurrency market capitalization with $18 billion leaving Bitcoin’s market capitalization which currently stands at $419 billion.
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