Technical Analysis for BTCUSD for 1st March 2023
Bitcoin in a Bearish Range, Will BTC Break Above $24k?
Past Performance of BTC
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
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