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Technical Analysis for BTCUSD for 1st March 2023

Bitcoin in a Bearish Range, Will BTC Break Above $24k?

Past Performance of BTC

Bitcoin remains under pressure at spot rates, looking at the performance in the daily chart. Despite gains today, sellers were still in control since prices were still within the bear bar of February 24, a sign of weakness. Until prices break above $24.1k, the coin risks dropping in the short term.

Bitcoin Technical Analysis

BTC is consolidating inside the bear bar of February 24, a sign of weakness from an effort versus result perspective. Support lies at around $22.8k. The only way to define the immediate trend is a breakout in either direction. Sellers will flow back if BTC losses $22.8k with rising volumes, confirming the bears of February 24. In that case, aggressive traders may sell on every attempt towards $23k, targeting $21.5k in a retracement. Conversely, if there is expansion with bulls lifting the coin above $24.1k, on the back of rising participation, the odds of BTC retesting $25k would be high.

What to Expect from BTC

Traders are buoyant. However, there must be confirmation. For this reason, conservative traders can wait for a clear trend definition above or below the current consolidation. Overall, prices might recover in the medium term from a top-down preview. However, there are hints of weakness for now, and bears are pressing on as the coin is capped inside the February 24 bear bar.

Resistance level to watch: $24.1k

Support level to watch: $22.8k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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