Technical Analysis for BTCUSD for 1st February 2023
Bitcoin Closes January Firmly, Will BTC Break $24k?
Past Performance of BTC
Bitcoin is firm when writing, looking at the performance in the daily chart. There were concerns that the coin could edge lower after the sharp correction on January 30. However, per the chart, BTC is relatively steady, and bulls managed to soak in selling pressure yesterday. Whether this could be a precursor for more gains is yet to be seen. How prices move today might shape the medium to long-term formation of the coin.
Bitcoin Technical Analysis
From the daily chart, buyers are in control. The drop of January 30 may have meant traders were taking profit. Since prices are above the $22k and $22.5k support lines, aggressive traders might accumulate on every attempt lower. Even so, conservative, risk-on traders can wait on the sidelines until prices either break above $24k in a bullish continuation or drop below January 30 lows. In that case, BTC may drop to $21.5k in a retest. If buyers take over, BTC may float past $25k to $30k in the medium term.
What to Expect from BTC
Bulls are confident, but events early this week mean some might be posting cautiously. How prices react between $24k and $22.5k would define the coin's trajectory. It will be a relief if buyers take charge, allowing traders to accumulate their longs.
Resistance level to watch: $24k
Support level to watch: $22.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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