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Technical Analysis for BTCUSD for 2nd February 2023

Bitcoin Bouncing Higher With Targets at $25k

Past Performance of BTC

Bitcoin prices stabilized on February 1, initially dumping before pumping in the New York session. Besides technical factors, macroeconomic elements are in play following the decision by the FED to increase rates as expected to 4.75%. Bitcoin remains firm, and the coin may break above $24k in buy trend continuation to $25k, shaking off losses of early this week.

Bitcoin Technical Analysis

Bitcoin prices are steady in the daily chart and bullish, appearing to resist attempts for lower lows. Still, the coin remains within the bearish engulfing bar of January 30. The good news is that the bear bar of early this week was with relatively low trading volumes, favoring bulls from an effort versus result perspective. Therefore, as it is, and factoring in FED's declaration (a fundamental event), traders can buy the dips, expecting the coin to retest $24k. Considering the current formation, aggressive traders can double down in lower time frames with targets at $25k in the short term, provided the coin trades above the $22.5k support line.

What to Expect from BTC

BTC looks likely to break the immediate resistance line as fundamentals provide tailwinds. After the bearish engulfing bar of January 30, BTC bulls could reverse losses and align the trend established in mid-January 2023.

Resistance level to watch: $25k

Support level to watch: $22.5k

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

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