AI sets the Bitcoin price for Valentine’s Day 2023
Bitcoin (BTC) is again under pressure as the leading cryptocurrency sank to a four-week low below $22,000. This decline follows Bitcoin’s impressive performance in January, which saw BTC rise around 40% since the start of the year, leading some to predict another bull run.
Finbold has analyzed the potential performance of BTC on Valentine’s Day using artificial intelligence (AI) to see if there could be more significant price movements shortly before the holiday following the recent fall in the wake of the US Securities and Exchange Commission (SEC) announcing a settlement with the cryptocurrency exchange Kraken for alleged violations of the Securities Act.
Especially the machine learning algorithms on the crypto monitoring platform Price predictions has projected that the price of BTC will trade at $21,632 on February 14, 2023, according to the data obtained on February 10.
AI aggregates the latest Technical Analysis (TA) indicators, including Moving Average (MA), Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI), Bollinger Bands (BB) and more, to arrive at the Bitcoin price estimate.
Bitcoin Technical Analysis
Bitcoin sentiment via TradingView’s Technical analysis indicators on 1-day gauges are quite bearish, with the summary pointing to a “sell” at 9, as summarized from oscillators that are in the “neutral” zone at 8, and moving averages suggesting a “sell” at 8.
Bitcoin is currently trading hands at $0.388, down 2.35% in the last 24 hours and down another 3.94% in the last seven days. A support level exists at $21,249, while the next significant resistance level is at $22,649.
A total of $40 billion has fled the crypto market capitalization in one day as anxiety grows over the SEC’s actions. After agreeing to pay a $30 million fine to settle the charges with the SEC, Kraken decided to shut down its betting services in the US.
In addition, the SEC accused the cryptocurrency exchange of marketing unregistered securities, which led to massive withdrawals from the market cap of cryptocurrencies by $18 billion, leaving Bitcoin’s market cap currently at $419 billion.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
