Technical Analysis for BTCUSD for 3rd February 2023
Bitcoin Slowing Down, Will BTC Drop Below $22.5k?
Past Performance of BTC
Bitcoin prices might be consolidating in the first few days of February. However, the coin is up roughly 50% from January lows. The token remains in a bullish formation, and there could be more upsides, despite the current rejection. As it is, the immediate resistance is at $24k, while buyers must keep prices above $22.5k for the uptrend to hold.
Bitcoin Technical Analysis
Overall, there are hints of weakness after the surge of last month. Buyers still need to conclusively break out, and there are lower lows relative to the upper BB. This suggests waning upside momentum. Notably, resistance remains at $24k while support is around $22.5k. With yesterday's bar closing as bearish with a long upper wick pointing to selling pressure, BTC traders should closely monitor price action. Until there is a breakout in either direction, conservative traders can stay out. Losses below $22.5k will confirm losses of January 30, triggering a sell-off back to $20k.
What to Expect from BTC
The uptrend is defined. However, price retracements are inevitable. After last month's climbs, traders must watch how prices fair in the next few days. A close above this week's highs may see BTC rally, even soaring above $25k. If not, a dump toward $20k could be in the cards.
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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