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BTC: AI sets Bitcoin price for Valentine’s Day 2023

BTC: AI sets 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, during which BTC rose about 40% since the beginning of the year, leading some to predict a fresh bull run.

Finbold has analyzed the potential performance of BTC on Valentine’s Day using artificial intelligence (AI) to see if any more significant price moves could be on the cards ahead of the holiday after the recent drop in the wake of the U.S. Securities and Exchange Commission (SEC) announcing a settlement with cryptocurrency exchange Kraken for alleged securities laws violations.

In particular, the machine learning algorithms at the crypto monitoring platform PricePredictions have projected the price of BTC will trade at $21,632 on February 14, 2023, according to the data retrieved on February 10.

BTC 7-day forecast. Source: PricePredictions

The AI aggregates the latest technical analysis (TA) indicators, including moving averages (MA), the moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB), and more, to come to the price estimate for Bitcoin.

Bitcoin technical analysis

Bitcoin sentiment via TradingView’s technical analysis indicators on 1-day gauges, is rather bearish, with the summary pointing at a ‘sell’ at 9, as summarized from oscillators being in the ‘neutral’ zone at 8, and moving averages suggesting ‘sell’ at 8.

BTC 1-day technical analysis. Source: TradingView

Currently, Bitcoin is changing hands at $0.388, down 2.35% in the last 24 hours and down a further 3.94% across the previous seven days. A support level exists at $21,249, while the next significant resistance level is located at $22,649.

BTC 1-day chart. Source: Finbold

In total, $40 billion has fled the crypto market cap in a day as anxiety grows over SEC’s actions. After agreeing to pay a $30 million fine to resolve the accusations with the SEC, the Kraken decided to shut down its staking services in the United States. 

Additionally, the SEC accused the cryptocurrency exchange of marketing unregistered securities, which led to enormous withdrawals from the market cap of cryptocurrencies with $18 billion leaving Bitcoin’s market cap which currently stands at $419 billion.

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